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WTI Price Analysis: On track for $72.50 despite recent recovery

Daniel Rogers

Feb 23, 2023 14:50

 截屏2023-01-13 下午5.17.06.png

 

During the early hours of Thursday, WTI crude oil gains bids to retest its intraday high near $74.40. In doing so, the black metal posts its first daily gains in three days while rebounding from a two-week low.

 

Despite this, the energy benchmark remains on the bears' radar as it flirts with two-week-old prior support near $74.45-50.

 

The bearish MACD signals and the sustained trading below the 50-DMA, which is currently around the $78.00 round figure, also support the bearish Oil price outlook.

 

Even if the WTI surpasses the $78.00 barrier, a downward-sloping resistance line from early November 2022, near $78.50 at the time of publication, could serve as the Oil sellers' last line of defense.

 

It is worth noting that multiple peaks marked in late January around $82.50-$70 and the high of last December of $83.30 could also challenge the WTI bulls.

 

In the meantime, the commodity's new decline may target the horizontal area containing multiple lows marked since the beginning of January, between $72.65 and $50.

 

Nonetheless, the late 2022 lows of $70.30 and the $70.00 round number could join the nearly oversold RSI (14) conditions to challenge the Oil skeptics in the future.

 

WTI remains on the bears' radar until it surpasses the $83.30 barrier on a daily closing basis.

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