WTI Price Analysis: Bulls brace for $91.30 at three-month high

WTI remains on the front foot to refresh multi-day high.
Bullish MACD keeps buyers hopeful to cross 2021 peak.
Overbought RSI conditions test buyers from targeting June 2014 lows.

Anil Panchal FXStreet

WTI pierces $84.00 to refresh a three-month high during early Tuesday. In doing so, the black gold rises 0.40% intraday.

Given the firmer MACD signals and sustained trading beyond the key SMAs, WTI crude oil prices seem capable to cross the immediate hurdle, namely the year 2021 top surrounding $85.00.

The following run-up will aim for the $90.00 psychological magnet before hitting the June 2014 trough close to $91.30.

It’s worth observing that the overbought RSI conditions will challenge WTI crude oil buyers beyond $85.00.

Alternatively, pullback moves may initially aim for the 100-DMA level of $75.85 and then to the 50-DMA near $75.10.

Following that, a six-week-old support line of around $72.50 will be crucial for oil sellers to watch.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	84.19
Today Daily Change	0.48
Today Daily Change %	0.57%
Today daily open	83.71

Trends
Daily SMA20	77.38
Daily SMA50	75.08
Daily SMA100	75.7
Daily SMA200	71.93

Levels
Previous Daily High	84.09
Previous Daily Low	82.93
Previous Weekly High	83.74
Previous Weekly Low	77.44
Previous Monthly High	77.26
Previous Monthly Low	62.34
Daily Fibonacci 38.2%	83.65
Daily Fibonacci 61.8%	83.38
Daily Pivot Point S1	83.07
Daily Pivot Point S2	82.42
Daily Pivot Point S3	81.91
Daily Pivot Point R1	84.22
Daily Pivot Point R2	84.74
Daily Pivot Point R3	85.38

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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