• WTI picks up bids to consolidation early Asian losses.
• Downbeat Momentum line, two-week-old previous support line probe buyers.
• Bears need to conquer horizontal area from October 11 for fresh entry.

WTI licks its wounds near $82.00, down 0.50% intraday amid Wednesday’s initial European session. In doing so, the oil benchmark holds onto the early Asian rebound from 100-HMA.

However, descending Momentum line and weekly resistance line, not to forget the previous support line from October 07, respectively near $82.80 and $83.45, will challenge the oil buyers.

In a case where WTI bulls dominate past $83.45, late 2012 lows near $84.10 will be in focus.

Meanwhile, a downside break of the 100-HMA near $81.70 will aim for the short-term horizontal support line near $81.15.

During the quote’s weakness past $81.15, an October 13 low of $78.84 could lure the short-term oil bears.

Overall, WTI remains in the bullish trajectory but immediate pullback can’t be ruled out.

WTI: Hourly chart

Trend: Further recovery expected