Clear downtrend break of the two-week-old rising trendline, 50-SMA joins bearish MACD signals for favoring oil sellers.
100 SMA, ascending support from mid-February seem tough nuts for bears.
WTI crude oils prices are up for renewal at $104.60 during Thursday’s Asian session.
The black gold fell the most since November, while the trend line that was upwardly sloping from February 25 to the 50-SMA broke.
The latest weakness in the quote could be due to failures to cross 50-SMA as well bearish MACD.
WTI bears will retest the 100 SMA level around $101.00 before they challenge the $100.00 psychological magnet.
The energy benchmark will be restrained by a three-week-long rising support level at $93.65-70.
A clear upside break at the 50-SMA level $110.15 is not the key to welcoming WTI bulls. The previous support line from February, which was close to $118.50, will prove difficult for buyers.
If commodity prices rise above $118.50, then the $120.00 and multi-month highs near $126.50 will be the main focus.
