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Mildly bid above $78.00 inside the weekly triangle range for WTI

Alina Haynes

Feb 17, 2023 14:15

截屏2023-01-19 下午3.38.09.png 

 

WTI crude oil prices lick their wounds around $78.30 on Friday morning in Europe. As a result, the price of black gold reduces its weekly loss and posts its first daily gains in five days while remaining within a symmetrical triangle formation that has been in place for a week.

 

In spite of this, the most recent price increase approaches the 50-day simple moving average around $78.50. Bearish MACD signals also present difficulties for Oil purchasers.

 

Notably, the indicated symmetrical triangle capped the energy benchmark's short-term fluctuations between $79.60 and $77.70 as of press time.

 

If commodity prices rise over $79.60, the $80.00 round number and the weekly high of $80.75 could serve as additional upward filters for WTI bulls.

 

In contrast, a break below the triangle's lower line, near $77.70 at the latest, could precipitate a further decline in the Oil price.

 

In this situation, $76.70 is the pivot point for the commodity's decline towards the previous weekly low around $72.50.

 

If WTI crude oil bears are able to maintain control beyond $72.50, January's low of $70.27 and the $70.00 round number should be the last stops before purchasers abandon the train.


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