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WTI Price Analysis: Gains $78.00 in weekly rising wedge

Daniel Rogers

Feb 10, 2023 11:33

 截屏2022-09-22 下午4.38.10.png

 

After falling from a one-week high to the first daily loss in four on Thursday, WTI crude oil rises to $78.00 on Friday. Sluggish MACD signals and steady RSI may explain black gold's recent inaction (14).

 

Oil sellers remain optimistic following the previous day's pullback from the 61.8% Fibonacci retracement level of the quote's downturn from January 23 to February 03.

 

However, energy bears will need confirmation from the 200-Hour Moving Average (HMA) level of $76.96 after a clear break of the $77.30 support.

 

After that, the monthly bottom of $72.50 can buffer the south run to the December 2022 multi-month low around $70.30. The $70.00 round figure might push WTI sellers above $70.30.

 

WTI rebound might also target the $78.80 Fibonacci retracement obstacle again.

 

Even if the commodity crosses the $78.80 barrier, the wedge's top line, at least $79.30, will precede the $80.00 psychological magnet to challenge the quote's additional rise.

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