WTI Price Analysis: Recovery moves jostle with 21-DMA below $73.00

• WTI extends bounces off three-week low to refresh intraday high.
• Momentum line probes buyers but bears are out above $65.50 key support.

WTI stays on the front foot around $72.80, up 0.16% intraday, during early Friday. The energy benchmark reversed the two-day pullback from October 2018 tops the previous day before extending recovery moves so far during the Asian session to regain above 21-DMA resistance, previous support.

Although the Momentum indicator challenges the run-up towards the multi-day high, flashed Tuesday, the bears may remain divided unless witnessing a daily close below $65.50 support confluence comprising 100-DMA and an ascending support line from late March.

On an immediate basis, the $70.00 threshold becomes the key to the south-run towards early May tops of $67.00.

Meanwhile, a 12-day-old horizontal resistance probes the nearby upside around $74.00, a break of which will aim for $75.80 before refreshing the highest levels in 34 months beyond $76.40.

Overall, WTI bulls remain in the driver’s seat despite the latest pullback.

WTI: Daily Chart

Trend: Bullish