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30 Jul 2021

WTI Price Analysis: Overbought RSI triggers pullback around $73.00

  • WTI consolidates weekly gains near highest levels in 12 days.
  • Bulls keep reigns until the quote stays beyond 200-DMA, three-week-old trend line confluence.
  • Weekly support line adds to the downside filters, mid-month high lures buyers.

WTI refreshes intraday low near $73.00, down 0.15% on a day, amid Friday’s Asian session. In doing so, the energy benchmark eases from the highest since July 14, probed the previous day after crossing a convergence of 200-DMA and multi-day-old resistance line, now support surrounding $72.30-25.

Given the overbought RSI conditions, the quote may witness further pullback towards $72.30-25 support but any further downside will become a concern for the oil buyers.

Even so, an ascending support line from July 22, near $71.60, offers an extra check before recalling the WTI bears targeting the $70.00 round figure and $69.70 level comprising July 22 low.

Meanwhile, fresh upside may wait for a clear break of $73.40 to aim for July 13 peak surrounding $74.90 and the $75.00 threshold.

However, any further upside won’t hesitate to challenge the monthly high near $76.40.

WTI: Four-hour chart

Trend: Bullish

 

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