WTI Price Analysis: Bulls aim for swing highs near $76.50

  • WTI is heading towards the weekly gains with monthly 9% gains in September.
  • Bulls face resistance near the daily swing area $76.50 and $76.80.
  • Momentum oscillator holds onto overbought zone  with underlying bullish sentiment.

WTI prices are in no mood to slow down its previous momentum on the last trading day of the week in the initial Asian trading hours. The supply-chain bottlenecks underpins the demand for the crude oil. At the time of writing, WTI is trading at $75.20, up 0.32% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after testing the low of $61.79 on August 20. The prices have been consolidating near $75.60 for the past five-session, making it a crucial level to trend. If WTI sustains above the intraday high it would retest the previous day’s high of $75.90 as the first upside target.

WTI monthly chart

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could fuel the upside rally toward the high of $76.51 made this Tuesday followed by the 2018 high at $76.80.

Alternatively, if the prices move lower, they would lookout for the $74 horizontal support level as the first downside target and then march toward the 23.6% Fibonacci retracement, which extends from the low of $61.79 at $72.81.

Next, the bears would attempt to meet the low made on September 23 at $71.54.

WTI additional levels

 

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