Following the previous month’s upside gain, WTI is consolidating at higher levels.
Bulls are battling it out at $75.00, which is the 23.6 percent Fibonacci retracement line.
With a bearish crossover, the momentum oscillator maintains its positive zone.
In the Asian trading hours on Monday, West Texas Crude Oil (WTI) begins a new trading session down. Prices stabilized around $75.00 after touching the YTD high around $75.69.
WTI is currently selling at $74.60 per barrel, down 0.10 percent on the day.
WTI appears to be fatigued on the 4-hour chart after setting a new YTD high on Thursday.
If WTI remains below the intraday low of $74.28, it may continue to fall toward the $74.08 38.6 percent Fibonacci retracement mark, which stretches from the low of $71.68.
With receding bullish momentum, the Moving Average Convergence Divergence (MACD) indicator remains above the midline, indicating an oncoming bearish price shift.
WTI bears might then go for the $73.60 horizontal support level, followed by the $73.00 July 1 low.
Alternatively, if prices rise, the current upward trend could be maintained.
The horizontal resistance level of $75.30 is being watched by market participants, followed by the October 2018 high of $76.80.
A daily closing above the stated level will pave the way for the 2014 levels./n
