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WTI Price Analysis: Descending wedge breakout favors Oil supporters, $77.0 protects near-term upside

Daniel Rogers

Feb 24, 2023 14:21

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WTI crude oil investors attack $76.00 early Friday, around $76.10 by press time, extending the previous day's rebound from a three-week low. Thus, black gold validates both the bullish MACD signals and the descending wedge, a bullish chart pattern.

 

Consequently, the energy benchmark is well-positioned to extend the most recent rebound towards a convergence of 50-SMA and 100-SMA, around $77.00-$77.10 per barrel.

 

However, multiple obstacles encircling the psychological magnet of $80 could prevent WTI bulls from surpassing $77.10.

 

It is important to note that the theoretical target for the falling wedge confirmation is $81.70. After that, a five-week-long horizontal resistance area encompassing $82.60 to $80.70 may limit the commodity's further gains.

 

On the other hand, the stated wedge's top line functions as an immediate support line, close to $75.80 at the time of publication.

 

If the price declines below $75.80, the recent swing low near $73.80 may act as a buffer before highlighting the region containing the lows marked thus far in 2023, near $72.50 to $70.

 

Even though the road to the north appears lengthy and bumpy, the Oil price has regained buyers' confidence.

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