Market news

17 December 2021

WTI Price Analysis: Bulls seek clear break of $72.00

  • WTI remains mildly bid, seesaws around five-week-old resistance line.
  • Bullish MACD, sustained trading beyond 100-SMA keeps buyers hopeful.
  • 200-SMA, 61.8% Fibonacci retracement level will lure the bulls past $72.00.

WTI bulls attack a short-term key resistance around $71.90, up 0.10% intraday, during early Friday.

The black pierced the stated hurdle late Thursday but failed to provide a closing break, which in turn highlights the need for a clear run-up beyond $72.00.

That said, bullish MACD signals and the commodity’s ability to stay beyond 100-SMA hints at the quote’s further upside.

In doing so, the 200-SMA level of $74.95 and the 61.8% Fibonacci retracement level of early November-December fall, around $75.50, will be on the WTI bull’s radar.

Should the energy benchmark rises past $75.50, the late November’s swing high around $79.00 and the $80.00 threshold, will be in focus.

Alternatively, a downside break of 100-SMA level of $70.60, will defy the bullish bias and direct the quote towards the monthly horizontal support near $69.20-05.

Following that, $65.50 may offer an intermediate halt before directing the WTI bears towards the monthly low of $62.34.

WTI: Four-hour chart

Trend: Further upside expected

 

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