- WTI refreshes 10-week top to $34.37, currently up around 1.80%.
- A two-week-old rising trend line, overbought RSI conditions check the bulls.
- An ascending support line from April 28 restricts short-term fall.
WTI Futures prints 1.80% gains while taking the bids near $34.10 during the early Thursday’s trading. The energy benchmark recently refreshed the 10-week top above $34.00, to $34.37, while aiming for the fourth consecutive weekly gain.
Even so, overbought RSI conditions and an ascending trend line from May 07, around $35.35/40 now, seem to question the black gold’s further upside.
As a result, the sellers may target the monthly support line, at $31.40 now, during the fresh declines.
Though, the quote’s declines below $31.40 become less likely unless it settles below $30.00. In doing so, a 100-bar SMA level of $24.52 will be on the bears’ radars.
It should also be noted that the oil benchmark’s surge past-$35.40 enables it to question March 11 top surrounding $36.35.
WTI four-hour chart
Trend: Bullish
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