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WTI Price Analysis: Oil traders test multi-day-old resistance at $78.30

Alina Haynes

Mar 03, 2023 13:49

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Buyers of WTI crude oil take a break near a two-week high, registering slight losses close to the $78.00 threshold on Friday morning. In doing so, the price of black gold retreats from a four-month-long resistance line and snaps a three-day winning streak.

 

Noting the bullish MACD signals and the firmer RSI (14), which are not overbought, as well as the quote's successful trading above the one-week-long ascending support line, keeps WTI bulls optimistic about overcoming the adjacent resistance line, close to $78.30 at the latest.

 

Nonetheless, the 100-DMA barrier encircling $79.75 and the $80.00 round number functions as an additional filter to the north.

 

In the event that the price of oil remains firmer than $80.00, the January 2023 and December 2022 peaks, which are located near $82.55 and $83.30, respectively, could attract commodity investors.

 

Thereafter, a rapid decline to the previous weekly low of $73.85 cannot be ruled out. However, a clear downside break of $73.85 will emphasize the bottom of February and the December 2022 lows, near $72.50 and $70.25, as the key support to monitor during the commodity's further decline.


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