- June 5, 2020
- Posted by: Analysis Team
- Category: Forex News
- WTI struggles to keep upside momentum near three-month top.
- One-week-old ascending trend line, 200-HMA add to the support.
- An upside clearance of $38.30 will escalate moves to fill the gap below $41.22.
WTI portrays another attempt to defy short-term ascending triangle while picking up the bids near $37.64, up 0.32% on a day, during the pre-European session on Friday.
Even if the black gold has been on a recovery mode since flashing the low of $36.09 on Wednesday, the resistance line of the said triangle, near $37.80, has been restricting the upside.
Other than the triangle’s upper line, the recent high surrounding $38.30 could also challenge the bulls during the further rise, which if ignored could escalate the advances to fill the early-March gap below $41.22.
Meanwhile, the said triangle’s support, near $37.00, followed by an upward sloping trend line from May 28, at $36.85 now, restricts the quote’s immediate declines.
In a case where the oil benchmark drops below $36.85, a 200-HMA level of $35.10 and May 28 top near $34.35 could entertain the sellers.
WTI HOURLY CHART
Trend: Pullback expected