WTI Price Analysis: 200-HMA remains a tough nut to crack for the bulls

• Sellers return after WTI run into strong offers just below the 200-HMA cap.
• RSI trades flat while above the bullish zone, keeping buyers hopeful.

WTI (futures on NYMEX) has stalled its recovery rally below the 200-hourly moving average (HMA), now dropping further towards the $59.50 level.

The US oil drew support from the Saudi Arabian Energy Minister Prince Abdulaziz bin Salman’s comments. The Minister expressed confidence that OPEC and its allies (OPEC+) made the right output decision.

At the time of writing, WTI drops to $59.65, looking to test the critical support at $59.60, which is the confluence of the upward-pointing 21-HMA and bearish 100-DMA at $59.60.

A break below the last could expose the 50-HMA at $59.50.

WTI one-hour chart

The hourly Relative Strength Index (RSI) has turned south but holds above the central line, currently at 51.93.

Therefore, the upside bias still appears intact. The oil bulls need a sustained break above the horizontal 200-HMA at $60.10 to unleash additional upside.

The next relevant barrier is seen at the psychological $60.50 level.

WTI additional levels