Technical Analysis: Multiple upside barriers question WTI's latest trendline break
WTI breaks a two-week-old falling trendline while confronting 50-bar SMA during early Thursday. Even so, the energy benchmark needs to cross a downward sloping trend line since January 17, 2020, at $52.90, to extend the latest recovery. In doing so, the black gold can take aims at January 29 top of $54.30 whereas 61.8% Fibonacci retracement level of $55.60 could please the bulls next.
Meanwhile, the quote's declines below $51.45 will defy the latest trend line breakout and can pull it towards the latest low of $49.20. If oil prices remain weak below $49.20, the early 2019 levels surrounding $44.50 could return to the charts.