- WTI moves higher during the Asian session on Tuesday as it tries to recoup the losses of the previous day.
- The 21- and 50-period SMAs defend immediate upside, while the two-week horizontal support challenges sellers.
WTI is moving slightly higher during the Asian session on Tuesday, above the $ 65.00 level, as it tries to recoup yesterday’s losses from multi-month highs.
Although the RSI’s reversal from the oversold area, coupled with bullish fundamentals, favors the WTI bulls, a confluence of the 21 and 50 simple moving averages around $ 65.50-55 limits the immediate rise of black gold. .
The $ 66.30 level will also act as a short-term resistance. A breakout above this region may not hesitate to update the highs since October 2018 while targeting the $ 68.00 level.
On the other hand, a horizontal area comprising the February 25 highs and last Thursday lows around $ 63.80-65 may offer immediate support during further declines.
Even if the WTI sellers break out of the strong horizontal support, a week-old rising support line around $ 62.70 should challenge the further decline before targeting the psychological level of $ 60.00.
WTI 1 hour chart
WTI technical levels
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