Oil prices retreat from a two-week high as technical resistance at $75.69 curbs upward momentum amid mixed signals.
West Texas Intermediate crude trades near $74.00, down 0.65% in Asian trading, after failing to extend a two-day rally. The commodity hit resistance at the 23.6% Fibonacci retracement level of $75.69, stalling its recovery from late-February lows.
Prices remain below the 200-day Exponential Moving Average of $77.27, reinforcing a bearish near-term outlook. While the MACD indicator turned positive, the RSI at 44 signals only modest buying interest, limiting upside potential.
Immediate resistance lies at $77.27, with further hurdles at $81.23 and $85.71. Downside support levels were not detailed in the latest analysis.