WTI crude oil grinds near $81.50-60 as markets turn dicey ahead of the US inflation data and Fed Minutes during early Wednesday.
Not only the pre-data anxiety but a convergence of the 200-bar Exponential Moving Average (EMA) and a downward-sloping trend line from December 2022, around $81.70-75 by the press time, also challenges the black gold buyers.
Furthermore, nearly overbought RSI (14) conditions add strength to the doubts about the commodity’s further advances.
However, the bullish MACD signals and the quote’s sustained trading beyond the 100-EMA, around $78.15 at the latest, push back the Oil bears.
Even if the commodity price drops below $78.15, multiple lows marked in February around $73.85 and $72.50 could challenge the WTI crude oil sellers before giving them control.
Meanwhile, a daily closing beyond the $81.75 hurdle won’t automatically approve the black gold’s rally as tops marked in January 2023 and the last December, respectively near $82.70 and $83.30, could check the Oil price advances afterward.
In a case where the quote remains firmer past $83.30, the odds of witnessing a run-up towards $90.00 and then to a November 2022 high near $92.95 can’t be ruled out.
Overall, WTI is likely to remain as the buyer’s favorite but the $81.70-75 hurdle appears a tough nut to crack for the Oil bulls.
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