WTI PRICE ANALYSIS: FURTHER UPSIDE HINGES ON 100-DMA BREAKOUT20 January 2023, 01:23

WTI picks up bids to approach short-term key hurdles during the second consecutive weekly gains near 1.5-month high.

Successful trading above two-week-old ascending trend line, upbeat RSI favor the black gold’s further upside.

Three-month-old horizontal resistance precedes 100-DMA to guard immediate run-up.

WTI crude oil stays defensive around $80.85, despite keeping the previous day’s gains, as bulls approach important hurdles toward the north during early Friday in Asia.

In doing so, the energy benchmark braces for the second consecutive weekly gain while staying around the highest levels since early December 2022, marked on Wednesday.

That said, the black gold’s upside momentum could be witnessed by a fortnight-long ascending trend line, as well as a firmer RSI (14), not overbought.

However, a horizontal area comprising multiple levels marked since October 2022, near $81.30 by the press time, appears a tough nut to crack for Oil buyers.

Even if the quote manages to cross the $81.30 hurdle, the 100-DMA level surrounding $81.85 could challenge the energy bulls.

It’s worth noting that the tops marked on Wednesday and in early December, respectively around $82.70 and $83.30, could lure the commodity buyers on breaking the $81.85.

On the flip side, pullback moves remain elusive unless the quote stays beyond the aforementioned two-week-old support line, around $79.00 as we write.

Following that, the September 2022 low near $76.00 and the monthly bottom of $72.64 could gain the WTI bear’s attention.

To sum up, Oil remains on the buyer’s radar but the road towards the north appears bumpy.