- Sellers turn back after WTI meets solid resistance just below the 200 hourly SMA.
- The RSI is trading flat while above the bullish zone, which keeps buyers hopeful.
WTI (NYMEX futures) has halted its recovery rally below the 200 hourly moving average, now falling towards the $ 59.50 level.
US oil has drawn support from comments from Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. The minister expressed his confidence that OPEC and its allies (OPEC +) made the correct exit decision.
At the time of writing, the WTI falls to $ 59.65, looking to test the critical support at $ 59.60, which is the confluence of the upward sloping 21-hour SMA and the bearish-sloping 100-day SMA.
A break below this level could expose the 50 hourly SMA at $ 59.50.
The RSI on the 1-hour chart has turned down, but remains above the center line, currently at 51.
Therefore, the bullish bias still seems intact. Oil bulls need a sustained break above the horizontal 200 hourly SMA at $ 60.10 to unleash the further rally.
The next relevant barrier is seen at the psychological level of $ 60.50.
WTI 1 hour chart
WTI technical levels
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