WTI Price Analysis: Looks for more gains above $73.00

• WTI trades on a lower note following the previous session’s downside momentum.
• Bulls battle around the $73.00 mark placed at 20- day SMA.
• Prices swing in a broader trading band with neutral momentum oscillators.

West Texas Crude Oil (WTI) edges lower on Wednesday in the Asian trading hours. After testing YTD high near $74.20, prices consolidated around $72.10.

At the time of writing, WTI is trading at $73.08, down 0.08% for the day.

WTI 4-hour chart

On the 4-hour chart, WTI has been moving in a broader trading range of $72.20 and $74.20 since June 21.

If WTI  breaks the 20-day Simple Moving Average (SMA) at $73.18, then it could move higher toward the previous session’s high at $73.30.

The Moving Average Convergence Divergence (MACD) indicator holds above the midline, which indicates an underlying bullish tone in the prices.

Next, the WTI bulls could target June 28 high at $74.16, followed by the June 2018 high of $73.66.

On the flip side, if prices move lower, then it could further slide toward the $72.50 horizontal support level.

Market participants then look out for the low of $71.68 made a day earlier, followed by the $71.00 horizontal support level.

WTI additional levels