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.
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
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.
