WTI Price Analysis: Bulls aim for swing highs near $76.50

WTI is heading towards the weekly gains with monthly 9% gains in September.
Bulls face resistance near the daily swing area $76.50 and $76.80.
Momentum oscillator holds onto overbought zone with underlying bullish sentiment.

Rekha Chauhan Independent Analyst

WTI prices are in no mood to slow down its previous momentum on the last trading day of the week in the initial Asian trading hours. The supply-chain bottlenecks underpins the demand for the crude oil. At the time of writing, WTI is trading at $75.20, up 0.32% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after testing the low of $61.79 on August 20. The prices have been consolidating near $75.60 for the past five-session, making it a crucial level to trend. If WTI sustains above the intraday high it would retest the previous day’s high of $75.90 as the first upside target.

WTI monthly chart

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could fuel the upside rally toward the high of $76.51 made this Tuesday followed by the 2018 high at $76.80.

Alternatively, if the prices move lower, they would lookout for the $74 horizontal support level as the first downside target and then march toward the 23.6% Fibonacci retracement, which extends from the low of $61.79 at $72.81.

Next, the bears would attempt to meet the low made on September 23 at $71.54.

WTI additional levels

WTI

Overview
Today last price	75.35
Today Daily Change	0.40
Today Daily Change %	0.53
Today daily open	74.95

Trends
Daily SMA20	71.44
Daily SMA50	69.7
Daily SMA100	69.88
Daily SMA200	64.3

Levels
Previous Daily High	75.9
Previous Daily Low	73
Previous Weekly High	74.15
Previous Weekly Low	69.35
Previous Monthly High	76.51
Previous Monthly Low	67.02
Daily Fibonacci 38.2%	74.79
Daily Fibonacci 61.8%	74.11
Daily Pivot Point S1	73.33
Daily Pivot Point S2	71.71
Daily Pivot Point S3	70.42
Daily Pivot Point R1	76.23
Daily Pivot Point R2	77.52
Daily Pivot Point R3	79.14

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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