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WTI Price Analysis: Reverses from three-week high towards previous resistance encompassing $78.50

Daniel Rogers

Mar 06, 2023 14:31

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WTI crude oil returns to the bear’s radar, after a four-day winning streak, as the energy benchmark takes a U-turn from a three-week high to record 0.70% intraday losses around $79.30 during early Monday.

 

In doing so, the black gold traces the RSI (14) as it reverses from the overbought territory. The Oil skeptics are challenged by the languid MACD signals, which suggest a lack of momentum.

 

Additionally assessing the commodity’s latest weakness could be a downward-sloping support line from January 27, previous resistance around $78.45.

 

Even if the WTI bears are able to overcome the resistance-turned-support near $78.45, the 200-day simple moving average (SMA) and a rising support line from late February near $78.10 and $77.70 could limit the price's further decline before persuading the sellers.

 

Meanwhile, recovery moves may initially target the psychological magnet at $80.00 before aiming for the five-week-long horizontal resistance zone encircling $80.65-70.

 

Following that, a horizontal resistance zone encompassing tops marked since January 18, close to $82.65-70, could challenge the WTI bulls before handing them control.

 

Overall, WTI crude oil is likely to decline further, but bears must remain cautious until a distinct break below $77.70 occurs.