- WTI consolidates at higher levels following the previous month's upside rally.
- Bulls battles around the $75.00 mark placed at 23.6% Fibonacci retracement level.
- Momentum oscillator holds onto the positive zone with a bearish crossover.
West Texas Crude Oil (WTI) kicks off a new trading session lower on Monday in the Asian trading hours. After testing YTD high near $75.69, prices consolidated around $75.00
At the time of writing, WTI is trading at $74.60, down 0.10% for the day.
WTI 4-hour chart
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On the 4-hour chart, WTI seems to be exhausted after making a fresh YTD high on Thursday.
If WTI sustained below the intraday low at $74.28, it could move lower toward the 38.6% Fibonacci retracement level, extends from the low of $71.68, at $74.08.
The Moving Average Convergence Divergence (MACD) indicator holds above the midline with receding bullish momentum, which indicates an impending bearish movement in prices.
Next, the WTI bears could target the $73.60 horizontal support level, followed by the low of July 1 at $73.00.
Alternatively, if prices move higher, it could continue with its prevailing upside trend.
Market participants lookout for the $75.30 horizontal resistance level followed by the October 2018 high at $76.80.
A daily close above the mentioned level would open the doors for the levels last seen in 2014.
WTI additional levels
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