- The WTI hourly chart shows a falling channel breakout and prices are holding well above the ascending 200-hour moving average (MA).
- So, the path of least resistance is on the higher side and the recent highs above $75.00 could be put to test again.
Hourly chart
Current Price: $74.31/barrel
Daily High: $74.41
Daily Low: $73.86
Trend: Bullish
R1: $74.78 (resistance on hourly chart)
R2: $75.00 (psychological level)
R3: $74.57 (recent high)
Support
S1: $73.65 (200-hour moving average)
S2: $72.97 (low of the big long-legged doji seen in the hourly chart)
S3: $72.11 (July 6 low)