WTI Technical Analysis: Recent highs above $75.00 could be put to test

• The WTI hourly chart shows a falling channel breakout and prices are holding well above the ascending 200-hour moving average (MA).
• So, the path of least resistance is on the higher side and the recent highs above $75.00 could be put to test again.

Hourly chart

Current Price: $74.31/barrel

Daily High: $74.41

Daily Low: $73.86

Trend: Bullish

Resistance

R1: $74.78 (resistance on hourly chart)

R2: $75.00 (psychological level)

R3: $74.57 (recent high)

Support

S1: $73.65 (200-hour moving average)

S2: $72.97 (low of the big long-legged doji seen in the hourly chart)

S3: $72.11 (July 6 low)