Crude Oil Prices Rebound After Five-Week Losing Streak, Testing Key Technical Resistance Levels
West Texas Intermediate Crude Oil Prices regain the $72.00 mark during the Asian session, halting a retracement slide from a three-week high. The recovery follows a drop to the lowest level since February last week.
Technical indicators present a mixed outlook. WTI remains below the 200-day Exponential Moving Average, with the Relative Strength Index at 41 signaling weak demand. However, the Moving Average Convergence Divergence has turned positive, hinting at a corrective bounce.
Resistance levels are identified at the 23.6% Fibonacci retracement at $75.81, the 200-day EMA near $77.18, and further barriers at $81.50 and $86.11. Support lies at the recent cycle low around $66.60.