• WTI hovers around 200-EMA after a solid rebound from $95.07.
• The 20- and 200-EMAs are overlapping each other, so a consolidation phase cannot be ruled out.
• The RSI (14) has affirmed the availability of responsive buyers.

West Texas Intermediate (WTI), futures on NYMEX, is holding itself above the psychological support of $100.00 after a firmer rebound from $95.07 on Monday. The asset has faced barricades at $102.51 multiple times since Friday and is consolidating beneath the resistance.

On a four-hour scale, oil prices have rebounded strongly after attracting significant bids at the trendline placed from March’s high at $126.51, adjoining March 24 high at $115.87. The black gold then moved sharply above the minor trendline placed from April 18 high at $109.13, adjoining April 21 high at $105.24.

The 20- and 200-period Exponential Moving Averages (EMAs) are overlapping to each other, which signals a rangebound move ahead.

Adding to that, the Relative Strength Index (RSI) (14) has rebounded sharply into a 40.00-60.00 range after testing the bearish range of 20.00-40.00, which signals the availability of responsive buyers. However, the black gold is likely to remain lackluster amid the lack of a potential trigger.

Should the asset violates April 21 high at $105.24, bulls will find momentum and will drive the asset to near April 18 high at $109.13, followed by March 24 high at $115.87.

On the flip side, bears can dictate the prices if the black gold drops below Tuesday’s low at $96.84, which will drag the asset towards the March low and February 25 low and at $92.37 and $89.59 respectively.

WTI four-hour chart