- WTI repeatedly refrains from defying the bullish technical pattern amid oversold RSI.
- $54.65 becomes the key upside resistance.
With the support-line of a short-term falling wedge limiting WTI declines, amid oversold RSI, the energy benchmark takes the rounds to $53.60 ahead of the Europe market’s open on Wednesday.
While formation support around $53.20 acts as an immediate rest, June 18 low near $51.70 and the June month bottom close to $50.70 can please sellers if overlooking oversold conditions of 14-bar relative strength index (RSI).
In a case prices slip below $50.70, $50.00 round-figure and $49.50 could entertain bears.
Alternatively, an upside break of $54.65, comprising resistance-line of a bullish technical pattern and 61.8% Fibonacci retracement of June-July rise, can trigger the black gold’s run-up towards a week’s high near $58.85 with 50% Fibonacci retracement level of $55.85 likely being an intermediate halt.
WTI 4-hour chart
Trend: Pullback expected
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