Following the previous session’s downward momentum, WTI is trading lower.
Bulls are battling it out around the $73.00 line, which is the 20-day SMA.
With neutral momentum oscillators, prices swing in a wider trading band.
In Wednesday’s Asian trading hours, West Texas Crude Oil (WTI) fell slightly. Prices steadied around $72.10 after testing the YTD high near $74.20.
WTI is currently selling at $73.08 per barrel, down 0.08 percent on the day.
Since June 21, WTI has been trading in a wider trading range of $72.20 and $74.20 on the 4-hour chart.
WTI could advance higher toward the previous session’s high of $73.30 if it breaches the 20-day Simple Moving Average (SMA) around $73.18.
The Moving Average Convergence Divergence (MACD) indicator remains above the midline, indicating that prices have a positive underlying tone.
The WTI bulls could then aim for the high of June 28 at $74.16, followed by the high of June 2018 at $73.66.
On the other hand, if prices continue to fall, it might reach the $72.50 horizontal support level.
The market then looks for the previous day’s low of $71.68, followed by the $71.00 horizontal support level.
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