WTI Price Analysis: Oil seesaws near $73.00 after posting the biggest daily jump in 10 months

WTI crude oil grinds near two-week high after rising the most since May 2022 the previous day.
Clear break of 10-DMA, three-week-old descending trend line keeps buyers hopeful.
21-DMA, previous resistance line from December 2022 challenge upside momentum.
Bullish MACD signals keep Oil buyers hopeful; one-week-old ascending trend line adds to the downside filters.

WTI crude oil prints mild losses below $73.00 as bulls tame a breather after the biggest daily jump in 10 months. In doing so, the Oil traders struggle to cheer the previous day’s upside break of the 10-DMA and three-week-old descending trend line.

However, the bullish MACD signals and sustained trading beyond the one-week-old ascending trend line enable WTI crude oil buyers to cross the immediate 21-DMA hurdle surrounding $73.40.

Even so, the previous support line from the last December, now resistance around $75.50, appears the key hurdle for the Oil bulls to cross before eyeing the driver’s seat.

Following that, a run-up toward the monthly high of around $81.00 can’t be ruled out.

On the contrary, the $70.00 restricts the immediate downside of the WTI crude oil before highlighting the 10-DMA support of $69.50.

Should the black gold price drop below $69.50, a convergence of the one-week-old ascending trend line and previous resistance line from March 07, close to $68.20, becomes crucial for the Oil bears to conquer.

Overall, Oil price regains buyers’ attention despite the latest inaction.