WTI Price Analysis: Reverses from weekly support line to pierce $40.00

• WTI extends recovery moves from Friday low of $38.54.
• Monthly top near $40.60 becomes the key resistance.
• Sellers may aim for June 12 top below the one-week-old ascending trend line.

WTI takes the bids near $40.11, up 1.5% on a day, during the Asian session on Monday. The black gold recently bounced off a one-week-old support line to please the bulls. Though, the monthly top near $40.60 acts as the tough nut to crack for buyers.

Should the bulls manage to cross $40.60, filling up the March 02 gap below $41.20 will be their immediate aim ahead of probing the February month low near $44.00.

On the downside, the sellers’ entry below the mentioned support line, at $39.55 now, could target June 12 high around $37.20. However, the quote’s further weakness will be tamed by an ascending trend line since May 27, 2020, currently near $35.85.

If at all the bears remain dominant past-$35.85, the late-May low near $31.30 and $30.00 threshold could become their favorites.

WTI four-hour chart

Trend: Bullish