Daniel Rogers
Apr 04, 2023 13:39
WTI crude oil prices remain stagnant near $80.30 as commodity traders search for fresh impetus to extend Tuesday's largest daily gain in 11 months. Thus, the price of black gold oscillates around a seven-week-old resistance line with an overbought RSI. (14).
WTI purchasers are challenged by not only the $81.00 trend line barrier and the overbought RSI (14) but also the waning bullish bias of the MACD and multiple peaks marked during January 2023 around $82.70.
In the event that the energy benchmark surpasses $82.70, the Oil bears' last line of defense could be a rise to a high near $83.30 in December 2022.
In contrast, pullbacks can target the $80.00 round number and the $79.00 swing low from late Monday.
However, a rising support line from March 24 and the 200-day simple moving average, respectively near $76.15 and $74.35, could pose a threat to Oil skeptics in the future.
Should WTI bears maintain control beyond $74.35, a two-week-long support line near $70.80 and the psychological threshold of $70.00 can entice Oil sellers.
Buyers of WTI crude oil appear to be running out of steam, but the bears have a considerable distance to travel before regaining control.