Oil clings to mild losses above $82.00 within nearby bullish channel

• WTI crude oil bears struggle to extend the previous day’s retreat from the yearly high.
• Impending bull cross on MACD, one-week-old horizontal support and 200-HMA prod Oil sellers.
• WTI buyers remain hopeful unless witnessing clear downside break of $80.70.

WTI remains mildly offered near $82.30, making rounds to intraday low amid early Friday in Europe, as traders seek more clues to extend the previous day’s reversal from the highest level in nine months.

It’s worth noting that the lack of major data/events joins the mixed concerns about major central banks and China, as well as the cautious mood ahead of the mid-tier US data, to prod the Oil traders of late.

Also read: WTI retreats from a YTD high, holds above $82.40 ahead of US PPI

However, seven-day-long horizontal support restricts the immediate downside of the WTI crude oil near $82.20.

Following that, the $82.00 round figure and the 200-Hour Moving Average (HMA) level of near $81.75 could test the energy bears.

Above all, the black gold remains off the bear’s radar unless staying within a two-week-old rising trend channel, currently between $80.70 and $84.75.

On the contrary, Oil price recovery needs validation from the intraday high of around $82.70 to retake control.

Additionally, the Year-To-Date (YTD) high surrounding $84.35, marked the previous day, will follow the stated channel’s top line near $84.75 to test the energy buyers.

In a case where the WTI bulls keep the reins past $84.75, the November 11 peak of around $89.35, and the $90.00 round figure will be in the spotlight.

WTI crude oil: Hourly chart

Trend: Recovery expected