WTI clings to mild gains around two-week high, up for the third consecutive day.
Clear break of six-week-old falling resistance line, weekly bullish channel keep Oil buyers hopeful.
Overbought RSI, cautious mood ahead of key US data prod energy bulls.
WTI crude oil sellers need to break $70.70 to retake control.
WTI crude oil struggles to refresh a two-week high while sticking to mild gains around $72.00 amid early Thursday in Europe. In doing so, the black gold remains within a one-week-old rising trend channel as it makes rounds to the weekly top.
The oil benchmark’s latest upside also takes clues from the clear upside break of a previously important resistance line stretched from late May, as well as the quote’s run-up beyond the 61.8% Fibonacci retracement of May 24 to June 12 downside, near $71.70-65 at the latest.
Further, bullish MACD signals also favor black gold buyers.
However, the overbought RSI conditions and the nearness to the one-week-old rising channel’s top line, close to $72.40 by the press time, challenge the WTI bulls. Following that, the late June swing high of around $72.70 can act as the final defense of the oil bears.
Meanwhile, the market’s positioning for the US ISM Services PMI and ADP Employment Change for June, as well as the Eurozone Retail Sales for May, seem to play its role in challenging the Oil traders of late.
That said, a downside break of $71.65 can trigger a quick fall of the WTI price towards a $70.80 support confluence including the 50% Fibonacci retracement and 200-SMA.
Though, the aforementioned bullish channel’s support line, close to $70.70 at the latest, can challenge the Oil bears afterward.
WTI crude oil: Four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/wti-price-analysis-oil-buyers-run-out-of-steam-near-7200-as-markets-brace-for-data-202307060300