WTI Price Analysis: Oil traders portray indecision below $69.00
- WTI crude oil struggles to defend the previous day’s bounce off the lowest levels since December 2021.
- Multiple Doji candlesticks, sluggish MACD show dicey energy markets.
- Bulls have a bumpier road than the Oil sellers, 200-SMA holds the key for uptrend.
WTI crude oil prints mild gains around $68.70 as it takes a breather after the previous day’s stellar moves that initially dragged the Oil price to the lowest level since December 2021 before posting a daily positive close.
It’s worth noting that the black gold’s latest rebound could be linked to the oversold RSI (14) and the quote’s inability to stay below the six-week-old horizontal support, near $66.90-$67.10. Also supporting the corrective bounce is the looming bull cross on the MACD indicator.
However, the recent Doji candlesticks challenge the Oil price recovery amid typical pre-NFP anxiety on Friday.
That said, the $70.00 round figure appears the immediate upside hurdle for the WTI crude oil buyers to cross to defend the latest rebound.
Even so, a late March swing high of around $71.70 and a horizontal area comprising multiple levels marked since late March, around $73.90-$74.10, can challenge the energy benchmark’s run-up.
Following that, a downward-sloping resistance line from mid-April and the 200-SMA, respectively around $74.40 and $76.25, can challenge the commodity bulls.
Meanwhile, a downside break of the previously stated $67.10-$66.90 support zone can quickly drag the WTI crude oil price towards the recently flashed multi-month low of $64.31.
WTI crude oil: Four-hour chart
Trend: Corrective bounce expected