WTI Price Analysis: Bulls in momentum to capture $68 mark
|- Crude oil edges higher in the Asian session.
- More gains on the cards if price decisively breaks $67.50.
- Momentum oscillators turn in favor of bulls.
Crude oil prices remained on the higher side on Tuesday. Oil prices continued to log in gains after some consolidation in the previous two sessions.
At the time of writing, WTI is trading at $67.48, up 1.06% on the day.
WTI daily chart
On the daily chart, WTI is hovering near the session’s high at $67.59 and is making efforts to extend gains beyond the level. If price sustains above the mentioned level, then it could reach fresh yearly highs at $69.50 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator reads comfortably above the midline with bullish crossover. This signifies the potential for more gains on the upside.
The gates will be open to recoup the levels last seen in 2018, with the first target at the May 2018 high at $72.85 followed by the June 2018 high at $73.66
Alternatively, if price reverses then bears would first attack the $66.50 horizontal support area. In doing so, price would next seek support near the 23.6% Fibonacci retracement at $65.20 that extends from the lows of $57.27.
The selling pressure would further be intensified toward the low of May 24 at $63.58.
WTI Additional Levels
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