WTI crude oil prints mild losses below $73.00 as bulls tame a breather after the biggest daily jump in 10 months. In doing so, the Oil traders struggle to cheer the previous day’s upside break of the 10-DMA and three-week-old descending trend line.
However, the bullish MACD signals and sustained trading beyond the one-week-old ascending trend line enables WTI crude oil buyers to cross the immediate 21-DMA hurdle surrounding $73.40.
Even so, the previous support line from the last December, now resistance around $75.50, appears the key hurdle for the Oil bulls to cross before eyeing the driver’s seat.
Following that, a run-up towards the monthly high of around $81.00 can’t be ruled out.
On the contrary, the $70.00 restricts immediate downside of the WTI crude oil before highlighting the 10-DMA support of $69.50.
Should the black gold price drops below $69.50, a convergence of the one-week-old ascending trend line and previous resistance line from March 07, close to $68.20, becomes crucial for the Oil bears to conquer.
Overall, Oil price regains buyer’s attention despite the latest inaction.
Peringatan: Pendapat yang disampaikan sepenuhnya merupakan milik penulis dan tidak mencerminkan posisi resmi Followme. Followme tidak bertanggung jawab atas keakuratan, kelengkapan, atau keandalan informasi yang disediakan, serta tidak bertanggung jawab atas tindakan apa pun yang diambil berdasarkan konten ini, kecuali dinyatakan secara tertulis.
Tinggalkan pesan Anda sekarang