WTI Price Analysis: Cup-and-handle bullish formation in play around $72.50

WTI crude oil bulls attack key upside hurdle around $72.50 during Thursday’s Asian session. The oil benchmark rose for the consecutive three days last  |  09/12/2021 00:08
  • WTI remains on the front foot around weekly top, after three-day uptrend.
  • Firmer RSI, sustained trading beyond weekly support keeps buyers hopeful.
  • Clear break of $73.00 is needed to convince bulls, $69.00 holds the key to seller’s return.

WTI crude oil bulls attack key upside hurdle around $72.50 during Thursday’s Asian session.

The oil benchmark rose for the consecutive three days last but failures to overcome the $72.80 resistance portrayed a bullish cup-and-handle chart pattern on the four-hour play.

Given the strong RSI line, not overbought, coupled with the quote’s successful recovery following the one-week-old support line, WTI crude oil prices are likely to stay stronger.

However, the 100-SMA level of $73.00 adds to the upside filters, other than the formation’s neckline near $72.80.

In a case where the black gold rises past $73.00, the bullish impulse will aim for the $80.00 threshold with the 200-SMA level near $77.00 likely offering an intermediate halt during the anticipated rally.

On the contrary, the aforementioned weekly support line, around $72.00 by the press time, restricts the commodity’s pullback moves, a break of which will direct the quote towards the $69.00 support.

Should the oil bears dominate past $69.00, the recently flashed multi-month low near $62.35 will be in focus.

WTI: Four-hour chart

Trend: Further upside expected

 

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