Key Moments
- WTI trades around $98.20, advancing for a second straight session during Asian hours on Friday.
- Price remains above the nine-day EMA at $97.06 and the 50-day EMA at $91.12, reinforcing a bullish technical bias.
- Upside focus centers on resistance near $107.50, with key downside levels at $97.06, $92.40, $91.12, and $86.92.
Constructive Technical Tone Within Ascending Triangle
WTI continues to build on recent gains, trading close to $98.20 in Asian trading on Friday and marking a second consecutive day of advances. On the daily chart, the contract remains confined within an ascending triangle pattern, signaling that the broader directional bias is to the upside. Buyers have been consistently entering on price pullbacks at progressively higher levels, underscoring firm demand beneath the market.
The contract is holding above both the short-term nine-day Exponential Moving Average (EMA) and the medium-term 50-day EMA, which helps sustain a supportive trend backdrop. The 14-day Relative Strength Index (RSI) is hovering near 53.78, a neutral reading that indicates bullish momentum is still present without signs of immediate overbought conditions.
Upside Levels: Triangle Breakout in Focus
From a resistance perspective, the next significant test sits near the upper boundary of the ascending triangle, around $107.50. A convincing move through this ceiling would reinforce the bullish structure and could open the way for a challenge of $113.28, which is described as the highest level since June 2022.
| Upside Technical Levels | Price | Technical Context |
|---|---|---|
| Ascending triangle upper boundary | $107.50 | Key resistance zone |
| Potential post-break target | $113.28 | Highest level since June 2022 |
Downside Risk Markers and Support Structure
On the downside, initial support is identified at the nine-day EMA around $97.06. A drop below this short-term average would signal a loss of near-term momentum and could intensify selling pressure. In that scenario, price may gravitate toward the lower boundary of the ascending triangle near $92.40, followed by the 50-day EMA at $91.12.
If weakness deepens beyond those levels, further downside could bring into view a nearly monthly low at $86.92, which was registered on May 6.
| Downside Technical Levels | Price | Technical Context |
|---|---|---|
| Nine-day EMA (immediate support) | $97.06 | First line of support; break would undermine momentum |
| Ascending triangle lower boundary | $92.40 | Secondary support within pattern |
| 50-day EMA | $91.12 | Medium-term trend support |
| Nearly monthly low (May 6) | $86.92 | Deeper downside reference point |
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