Technical Analysis: WTI fails to clear 7-month-old resistance despite Iran attacks on the US military bases
The early Wednesdays WTI rally to the multi-month top couldn't last long. The absence of immediate US-Iran war, despite Tehran's attack on the US military camps in Iraq, seems to disappoint the black gold buyers off-late. Technically, an ascending trend line since late-May also limits the energy benchmark's further upside, at $65.80/85. Given the oil prices rise beyond $65.85, the previous year's top surrounding $66.45/50 and $67.00 will flash on the chart.
Alternatively, December 30 top near $62.35 limits the immediate declines of the quote, a break of which highlights the importance of a 23.6% Fibonacci retracement level of $60.70. In a case where prices stay soft below $60.70, also breaks $60.00 round-figure, a 200-day SMA level of $57.75 will gain sellers' attention.