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WTI edges closer to $80.00 amid a mixed market sentiment

  • WTI crude oil futures hit $80.00 during the New York session.
  • The US Energy Department said that it had no plans “at this time” to use its oil reserves.
  • The market sentiment is in a risk-off mood as European and American stock indices are in red.

Western Texas Intermediate (WTI) is advancing for the second day in a row, is trading at $79.31 up 0.93%, during the New York session at the time of writing. Meanwhile, WTI’s futures hit $80 a barrel for the first time since November 2014, as the global energy crisis continues.

Factors like the OPEC+ not increasing the crude oil output, and the US Energy Department said that it had no plans “at this time” to tap the national strategic oil reserves, have kept the ongoing rally.

The market sentiment is downbeat as portrayed by European and US stock indices, with the majority in the red, except for the FTSE 100 and the Dow Jones, rising 0.22% and 0.02%, respectively. Meanwhile, the greenback is down 0.15%, as portrayed by the US Dollar Index (DXY), clinging to 94.07.

WTI Price Forecast: Technical outlook

Daily chart

WTI is in a strong uptrend, portrayed by the daily moving averages (DMA’s) lying well below the price. 

The price is advancing towards $80.00. A daily close above the latter could pave the way for a move towards November’s 2011 lows around $84.00. The first resistance level would be $81.00, followed by October 29 of 2014, high at $82.84, and then $84.00.

On the flip side, WTI sellers will need a daily close, in line with Wednesday’s price action, below $77.00. In that outcome, the first support level would be September’s 28 high at $76.65. A breach of that level would expose crucial support levels, the psychological $76.00, followed by July ‘s 13 high at $75.47.

The Relative Strenght Index (RSI) is at 69, just exited from oversold levels, suggesting the uptrend bias remains and the price might consolidate before testing new highs.

KEY ADDITIONAL LEVELS TO WATCH

WTI

Overview
Today last price79.31
Today Daily Change0.73
Today Daily Change %0.93
Today daily open78.58
 
Trends
Daily SMA2073.66
Daily SMA5070.22
Daily SMA10070.53
Daily SMA20065.03
 
Levels
Previous Daily High78.63
Previous Daily Low74.75
Previous Weekly High76.51
Previous Weekly Low73
Previous Monthly High76.51
Previous Monthly Low67.02
Daily Fibonacci 38.2%77.15
Daily Fibonacci 61.8%76.23
Daily Pivot Point S176.01
Daily Pivot Point S273.43
Daily Pivot Point S372.12
Daily Pivot Point R179.89
Daily Pivot Point R281.2
Daily Pivot Point R383.78


 

Author

Christian Borjon Valencia

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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