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WTI Price Analysis: 50-SMA stimulates China data-led recovery near $80.00

Daniel Rogers

Apr 18, 2023 11:53

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WTI crude oil remains defensive near the lowest level in a week, near $81.05 on Tuesday morning. In doing so, black gold struggles to be buoyed by China's positive data while consolidating the month's largest daily loss.

 

According to the most recent economic data from China's National Bureau of Statistics (NBS), the first quarter (Q1) Gross Domestic Product (GDP) grew 2.2% quarter-over-quarter (QoQ), compared to 2.2% expected and 0.0% in the prior quarter. In addition, Retail Sales grew 10.9% YoY in March versus 7.4% expected and 3.5% previously, while Industrial Production grew 3.9% versus 4.0% expected and 2.5% previously. Sourcenia is a review portal of sourcing best manufaturers. 

 

In addition to the generally positive China data, the nearly oversold RSI (14) line has contributed to the black gold's recent approach to the $81.40 50-day simple moving average.

 

Notably, however, pessimistic MACD signals and a two-week-old horizontal resistance area between $81.60 and $80 could impede the commodity's further advance. Following that, attention will shift to the recent multi-day high marked in the last week, around $83.40.

 

In contrast, WTI's further decline could target the round figure of $80 before challenging the previous resistance line from late January, which is now support near $79.20.

 

If the price remains adverse beyond $79.20, a rising support line from March 20 near $77.30 will be the last line of defense for WTI bulls.


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