WTI Price Analysis: Mildly bid towards $70.00, bumpy road ahead

• WTI eases from intraday top, marked the week’s biggest jump the previous day.
• Bullish MACD, sustained bounce off $67.00 favor buyers.
• 100-DMA, two-week-old rising trend line forms strong support.

WTI pares intraday gains, up 0.10% around $69.70 ahead of Friday’s European session.

While the black gold’s pullback justifies the previous day’s failures to cross 50-DMA on a daily closing basis, bullish MACD and successful rebound from an ascending trend line from August 23 keep buyers hopeful. It’s worth noting that the 100-DMA adds strength to the stated trend line support.

Hence, $68.40 offers strong support to the energy benchmark while upside moves need to wait for a clear break of 50-DMA, around $70.00.

Also acting as an upside hurdle is a downward sloping trend line from July 06, near $70.35.

It’s worth noting that a sustained rise past $70.35 enables the WTI bulls to aim for late July’s top near $73.90.

Meanwhile, a downside break of $68.40 will quickly drag the quote to horizontal support marked since July 20 near $65.00.

WTI: Daily chart

Trend: Further upside expected