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  • 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