WTI Price Analysis: Retreats from over one-month top, bulls pause near 100-day SMA – by hareshmenghani Oil Commodities Technical Analysis WTI
near the 100-day Simple Moving Average on Monday. The black liquid drops to a fresh daily low during the early European session, though shows some resilience below the $73.00 round-figure mark. Nevertheless, the commodity has eroded a part of Friday's strong gains to over a one-month high and currently trades around the $73.20-$73.25 region, down just over 0.50% for the day.
From a technical perspective, the recent strong rally from the $67.00 horizontal support and last week's sustained move beyond the 50-day Simple Moving Average favours bullish traders. This, along with positive oscillators on the daily chart, suggests that the path of least resistance for Crude Oil prices is to the upside. Hence, any subsequent pullback is more likely to attract fresh buying near the $72.
On the flip side, bulls might now wait for acceptance above the 100-day SMA barrier, currently pegged around the $73.75-$73.85 region, before positioning for any further gains. prices might then accelerate the positive momentum towards testing the next relevant hurdle near the $74.70-$74.75 region before aiming to reclaim the $75.00 psychological mark for the first time since early May.
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