Oil Price Forecast: Weekly rising channel keeps WTI buyers hopeful above $25.00

  • WTI June Futures remain positive above $25.00.
  • A one-week-old falling trend line can offer immediate resistance.
  • A downside break of the channel needs validation from the previous Wednesday’s low.

WTI June Future on NYMEX takes the bids near $25.80, up 1.80% on a day, during the early Asian session on Thursday. In doing so, the oil benchmark portrays a weekly ascending trend channel formation.

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Even so, a descending trend line from May 07, at $24.60, acts as the immediate resistance ahead of the channel’s upper-line, near $27.00 now.

Should there be additional run-up past-$27.00, buyers can gear up for the April month top near $29.15.

Meanwhile, a downside break below the channel’s support line of $24.50 may take a rest near May 06 low of $23.44 ahead of dropping towards a 200-bar SMA level of $20.60.

WTI four-hour chart

Trend: Further recovery expected

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