WTI technical analysis: Where could price find resistance?
|- Price looks to be heading toward the USD 58 per barrel psychological resistance.
- The internal trendline and 61.8% Fibonacci level match slighty higher up.
Spot WTI Daily Chart
WTI has been on the rise today and trades 0.40% higher on the session.
This is due to the OPEC report published earlier.
Over the last few days, the price was not able to break USD 57.50 per barrel as price bounced off it eight times.
The chart below looks slightly messy but it does show there is some traffic in the way of a move higher.
The channel in red was created from an internal trendline which originated from the low back in August.
It is well respected as it was used as support and resistance six times.
Now above the price at the moment, there is also a 61.8% Fibonacci level and the price could meet the internal trendline and Fib level at the same time.
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Additional Levels
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