• WTI crude oil consolidates recent gains, pressured around intraday low.
  • Bullish MACD signals join upside breaks of previous key resistance to keep buyers hopeful.
  • Further upside awaits $74.65 break, intraday sellers aim for $73.20-15 as immediate support.

WTI crude oil retreats from a one-month high to $73.65 by the end of Thursday’s NY settlement. In doing so, the black gold justifies overbought RSI conditions to pause a three-day uptrend.

However, the quote remains beyond the 200-SMA level of $73.50, which in turn joins the bullish MACD signals to favor energy bulls.

Also adding to the bullish bias is the commodity’s clear upside break of a descending trend line from early November and a horizontal line comprising monthly resistance.

That said, November 21 swing low near $74.65 guards the commodity’s immediate upside ahead of an expected run-up towards the $77.00 threshold. Following that, late November highs near $79.00 and the $80.00 round figure will be watched carefully by WTI buyers.

Alternatively, WTI’s break of the 200-SMA level near $73.50 will immediately drag the quote towards a three-week-old horizontal line, close to $73.30.

Adding to the downside filter is the 50-SMA level of $70.80 and the $70.00 psychological magnet.

However, oil buyers remain positive until the quote stays above the previous resistance line from early November, surrounding $69.75.

WTI: Four-hour chart

Trend: Further upside expected

This article was originally published by Fxstreet.com.Read the original article here.

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