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WTI Price Analysis: Oil buyers keep the reins despite retreat towards $81.00, overbought RSI

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WTI Price Analysis: Oil buyers keep the reins despite retreat towards $81.00, overbought RSI – by anilpanchal7 Oil WTI Technical Analysis ChartPatterns Commodities

WTI crude oil prints the first daily loss in four while easing from the highest level since mid-April.

With this, the black gold justifies the overbought RSI line. However, a successful upside break of the previously key technical resistances joins the bullish MACD signals to keep the Oil buyers hopeful. In a case where the Oil sellers keep the reins past $78.70, a joint of the 200-DMA and a nine-month-old resistance-turned-support line, close to $76.30, will be a tough nut to crack for them before taking control.

 

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