Oil prices are pulling back and are one their way to close the bullish price gap that was triggered by unexpected OPEC+ decision to cut output. Taking a look at WTI (OIL.WTI) at D1 interval, we can see that the recent price advance was halted near the $82 resistance zone, marked with the upper limit of the Overbalance structure. While prices have traded briefly above this hurdle, bulls failed to uphold momentum and a pullback was launched. Moreover, the price dropped below the 100-season moving average today, which further brightens the outlook for bears. While lower limit of the bullish price gap from April 3 is still more than 2% below current market price, it looks like closing it may be just a matter of time, given current market volatility.
Taking a look at the chart at lower interval (H1), we can see that WTI is trading in a short-term downtrend. Key resistance to watch in the near-term can be found in the $78.35 area. Unless we see a break above this level, bulls may struggle to launch a longer-lasting upward impulse.
OIL.WTI at D1 interval. Source: xStation5
OIL.WTI at H1 interval. Source: xStation5
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