WTI Price Analysis: Thursday’s Doji challenges oil buyers above $72.00
- WTI eases near multi-day top after the previous day’s bearish candlestick.
- Bullish MACD, sustained break of 50-DMA, previous support favor buyers.
- Pullback to key support convergence can’t be ruled out amid failure to reach July levels.
WTI takes offers around $72.30 to refresh intraday low during early Friday.
The oil benchmark posted a bearish candlestick near the highest levels since early August the previous day, suggesting a pullback in the commodity prices.
A convergence of the resistance-turned-support, 20-DMA and 50-DMA between $69.00 and $69.30 becomes strong support to watch during the further weakness.
That being said, 61.8% Fibonacci retracement of July-August downside near $70.80 and the $70.00 psychological magnet may offer intermediate halts.
However, sustained trading beyond the stated trend line and DMAs join bullish MACD to keep buyers hopeful until the quote drops below $69.00. The same could renew upside momentum targeting the late July tops near $73.90 in a case where oil buyers can refresh monthly high above $72.90.
Following that, $75.00 may provide a buffer during the rally targeting July’s top near $76.40.
Overall, WTI oil prices remain firmer but can’t avoid the short-term pullback.
WTI: Daily chart
Trend: Pullback expected