WTI Price Analysis: Renews eight-year high on Russia-Ukraine conflict
|- WTI prints the biggest daily gains while piercing seven-month-old resistance line.
- Overbought RSI, September 2014 peak may test the bulls.
- 21-DMA, ascending trend line from December 2021 limits immediate downside.
WTI crude oil prices rise 2.67% on a day, despite recently easing from a multi-day high of $95.12, as Russia invades Ukraine during Thursday’s Asian session. That said, the black gold trades around $94.50 by the press time.
Read: Breaking: NATO has officially told Reuters that an official invasion of Ukraine has begun
It’s worth noting that the commodity prices recently ticked beyond an upward sloping trend line from July 2021, around $94.40 at the latest, to renew the highest levels since September 2014. However, overbought RSI conditions may test the bulls, which in turn require a daily closing beyond $94.40 to reject the odds of a pullback.
Even if the WTI crude oil prices stay beyond $94.40, September 2014 high near $96.00 will act as an additional upside filter before directing the quote towards the $100.00 psychological magnet.
Meanwhile, a pullback move will need to conquer the $90.00 threshold, also near to the 21-DMA and a three-month-long rising trend line.
Following that, the monthly low of $87.30 and the October 2021 peak of around $85.00 will be in focus.
Overall, geopolitics favor the bulls but technical details need validation to confirm the commodity’s further upside.
WTI: Daily chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.