- WTI steps back from $43.23 in the latest consolidation from a multi-day top.
- Bullish MACD, strong RSI conditions keep buyers hopeful.
- Sellers will look for entries below a seven-day-old support line.
Having pulled back from the multi-day top beyond $43.00, WTI seesaws around $43.10 during the initial Asian session on Tuesday. While short-term horizontal resistance questions the energy benchmark’s immediate upside, bullish MACD signals and strong RSI favor the buyers.
However, a clear break beyond $43.20 will have to refresh the monthly top near $43.65 before attacking February month’s low near $44.00.
Should the barrel of black gold successfully cross $44.00, March month’s peak surrounding $48.75 will gain market attention.
On the contrary, $42.70 and an ascending trend line from August 07, at $42.08 now, can restrict the commodity’s short-term downside.
In a case where the bears manage to conquer $42.00, $41.30 and $40.70 can offer intermediate halts during the south-run targeting the $40.00 threshold.
WTI four-hour chart
Trend: Bullish
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