WTI climbs above 161.8% Fibo Extension at $119.40, $147.30 eyed

WTI has settled above 161.8% Fibonacci extension at $119.40.
The RSI (14) is oscillating in a range of 60.00-80.00, which adds to the upside filters.
Bulls are now eyeing 14-year old resistance at $147.30.

Sagar Dua FXStreet

West Texas Intermediate (WTI), futures on NYMEX, eyes more upside as oil prices have surpassed the 161.8% Fibonacci extension at $119.40, which is placed from the 2018’s high of $76.80 to 2020’s low of $8.46.

At the press time, WTI prices are trading at $125.65, 9.3% above Friday’s close.

On a weekly scale, the oil prices have witnessed a firmer rally after piercing the trendline placed from March 12 high at $67.86 adjoining the July 09 high at $76.40 and October 29 high at $84.97 respectively. The 20-period and 50-period Exponential Moving Averages (EMA) are trading at $88.56 and $76.67 respectively, aiming north, which adds to the upside filters. The black gold has been scaling higher since the bullish crossover of 20 and 50 EMAs at $42.56.

The Relative Strength Index (RSI) (14) is oscillating in a range of 60.00-80.00, which indicates a continuation of a bull run as long as the oscillator sustains inside the bullish range.

To elevate gains, bulls need to violate Monday’s high at $125.00. Breach of the same will send the pair towards May 2008 high at $135.10 and July 2008 high at $147.27.

On the flip side, bulls can lose confidence if the black gold slips below Monday’s low at $113.13. This will drag the pair towards Thursday’s low at $104.83 and Tuesday’s low at $94.49.

WTI Oil weekly chart

WTI US OIL

Overview
Today last price	123.41
Today Daily Change	9.93
Today Daily Change %	8.75
Today daily open	113.48

Trends
Daily SMA20	94.54
Daily SMA50	87.14
Daily SMA100	81.67
Daily SMA200	76.54

Levels
Previous Daily High	114.08
Previous Daily Low	105.66
Previous Weekly High	114.58
Previous Weekly Low	93.74
Previous Monthly High	100
Previous Monthly Low	85.74
Daily Fibonacci 38.2%	110.87
Daily Fibonacci 61.8%	108.88
Daily Pivot Point S1	108.06
Daily Pivot Point S2	102.65
Daily Pivot Point S3	99.64
Daily Pivot Point R1	116.49
Daily Pivot Point R2	119.5
Daily Pivot Point R3	124.91

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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