Since October 2018, WTI has remained in the lead, hovering around the highest levels.
Bulls are favored by the extension of the 10-DMA’s bounce and the cheerful MACD.
The downward filters are augmented by an ascending trend line from late May.
Early Friday, WTI picks up bids near the intraday high of $74.80, up 0.38 percent on the day. The black gold extended the early week’s U-turn from the 10-DMA while refreshing the multi-day top from the previous day.
Given the commodity’s continuous trading above the 10-day moving average of $73.40, as well as an upward sloping support line from May 17 near $72.60, WTI is ready to take on the crucial resistance line near the $76.00 mark.
During the upswing, though, the current high at $75.70 and the year’s top near $76.90 provide further filters.
Meanwhile, pullbacks are less concerning until they stay above the indicated support line near $72.60, which, if broken, might reintroduce the $70.00 psychological magnet to the chart.
The quote’s downside beyond $70.00, however, will be tested by the top of March, which is around $67.90.
WTI is bullish in general, but the stated resistance line may provide opportunities to trade intermediate pullbacks.
Bullish trend/n
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