• WTI crude oil remains firmer inside one-week-old symmetrical triangle, eyes the first weekly gain in five.
  • Firmer RSI (14) line, not overbought, joins sustained trading beyond 200-EMA to defend energy bulls.
  • Oil sellers remain off the table beyond $70.70, multiple hurdle to challenge bears afterward.

WTI crude oil picks up bids to print 0.50% intraday gains near $72.50 as it appears well-set to snap a four-week downtrend amid early Friday. In doing so, the black gold rises inside a one-week-old symmetrical triangle.

Given the quote’s successful trading past an upward-sloping trend line from the last Wednesday, near $71.95 by the press time, as well as the capacity to stay beyond the 200-hour Exponential Moving Average (EMA), around $71.80 at the latest, Oil price is likely to remain firmer.

In that case, the stated triangle’s top line surrounding $73.20 becomes a crucial hurdle to watch as a break of which could quickly propel the WTI crude oil price toward the May 10 swing high near $73.80.

It’s worth noting that April’s low near $73.85-90 acts as an extra filter towards the north before directing the Oil buyers to the monthly high of $76.60.

Meanwhile, the aforementioned immediate support line and the 200-EMA, respectively near $71.95 and $71.80, restrict the short-term downside of the WTI crude oil.

Following that, the stated triangle’s bottom line, around $70.70, precedes a fortnight-old horizontal support of near $69.40-30 to challenge the energy bears.

Should the WTI price remains bearish past $69.30, the odds of witnessing a fall toward the monthly low near $64.30 can’t be ruled out.

WTI crude oil price: Hourly chart

Trend: Limited upside expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price72.55
Today Daily Change0.53
Today Daily Change %0.74%
Today daily open72.02
TRENDS
Daily SMA2073.07
Daily SMA5074.58
Daily SMA10076.27
Daily SMA20080.12
LEVELS
Previous Daily High72.96
Previous Daily Low71.54
Previous Weekly High73.81
Previous Weekly Low69.94
Previous Monthly High83.4
Previous Monthly Low73.88
Daily Fibonacci 38.2%72.08
Daily Fibonacci 61.8%72.42
Daily Pivot Point S171.38
Daily Pivot Point S270.75
Daily Pivot Point S369.96
Daily Pivot Point R172.81
Daily Pivot Point R273.6
Daily Pivot Point R374.23
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