WTI Price Analysis: Faces rejection at $47.50 but holds above critical support
- WTI fades an uptick to near $47.50 region.
- Hourly technical setup keeps the bulls hopeful.
- The US oil reverts to test the key $46.88 support.
WTI (futures on NYMEX) has eased off daily highs near $47.50 and battles the 47 level, as the bulls take a breather before the next push higher.
From a near-term technical perspective, the black gold is consolidating its surge following a symmetrical triangle breakout confirmed on the hourly sticks during the mid-Asian session this Monday.
Despite the retracement, the bulls remain hopeful as long as the price holds above the critical $46.88 support zone, which is the confluence of the upward-sloping 21 and 50-hourly moving averages (HMA).
The hourly Relative Strength Index (RSI) has turned flat but remains well above the midline, justifying the recent pullback before the uptrend resumes.
To the upside, acceptance above the $47.50 level could expose the nine-month tops of $47.85 reached last week.
Alternatively, the bullish 100-HMA support at $46.32 could back into play should the abovementioned key cushion give way.
WTI hourly chart