Oil Price Forecast: WTI bulls eye yearly resistance line above $30.00

• WTI June Futures extend two-day winning streak to highest levels since March.
• A downward sloping resistance line from early-January on the bulls’ radars.
• Monthly support line, 50-day SMA restricts the black gold’s immediate declines.

WTI futures for June take the bids near $30.70, intraday high of $30.92, up 4.0% on a day, during early Monday.

While the black gold’s sustained trading above $30.00 keeps it on the bulls’ radars, a descending trend line since January 08, 2020, at $33.75 now, is in the focus for now.

Although a steep rise in the RSI might trigger the oil benchmark’s pullback moves around the key resistance line, a break of which could easily challenge a 100-day SMA level of $38.00.

Alternatively, the monthly support line around $27.30 will check sellers during the quote’s declines past-$30.00.

Also acting as strong downside support could be a 50-day SMA level of $21.90 and late-April lows surrounding $10.00.

WTI daily chart

Trend: Bullish