WTI Price Analysis: Crosses weekly resistance with eyes on $111.30

• WTI prints three-day uptrend, grinds higher after piercing short-term key hurdle.
• Firmer RSI conditions, sustained trading beyond 50-HMA strength bullish bias.
• Buyers need validation from $111.30 to challenge monthly high.

WTI crude oil remains on the front foot for the third consecutive day, edging high around $110.35 during early Monday morning in Europe.

In doing so, the black gold extends the previous day’s upside break of the 50-HMA to rise past the one-week-old descending trend line.

The firmer RSI (14) line, not overbought, also backs the latest breakouts and keeps WTI buyers hopeful.

However, a horizontal area comprising multiple levels marked since May 17, around $111.30, appears a tough nut to crack for short-term oil buyers.

Following that, a run-up towards the monthly high of $115.53 can’t be ruled out.

On the contrary, pullback moves may initially aim for the previous resistance line and the 50-HMA, respectively around $109.90 and $108.50, before convincing WTI sellers.

Even so, the latest swing low surrounding $103.00 and the $100.00 psychological magnet will challenge the energy benchmark sellers.

WTI: Hourly chart

Trend: Further recovery expected