WTI Price Analysis: Bulls struggle to cross $73.80 resistance level

  • WTI prints some minor gains on Tuesday following previous day's sluggish movement.
  • Bulls face critical resistance near the $73.80 level.
  • Momentum oscillator remains in overbought zone with stretched buying conditions.

West Texas Crude Oil (WTI) edges higher Tuesday in the Asian trading session. The prices face a strong resistance near $73.80 as it struggles to break the level on a closing basis.

At the time of writing, WTI is trading at $73.77, up 0.21% for the day.

WTI daily chart

On the daily chart, after testing a fresh YTD high on July 6, crude oil prices fell sharply the same day as bulls were not able to preserve the momentum.

WTI found support near $70.30 with double bottom formation.

If WTI breaks the intraday low, it could test the 20-day Simple Moving Average (SMA) at $73.08.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone with bearish momentum. Any downtick in the MACD could accelerate the selling pressure. 

That said, the WTI bears could meet the next downside target at the $72.50 and the $ 71.20  horizontal support levels.

Alternatively, if prices move higher, it could retrace back to the high made at $74.26  a day earlier. 

Next, the bulls attempt to test the $74.65  horizontal resistance level, followed by the high of July 5 at $75.82.

WTI additional levels


Today last price 73.77
Today Daily Change 0.15
Today Daily Change % 0.20
Today daily open 73.62
Daily SMA20 73.02
Daily SMA50 69.2
Daily SMA100 65.63
Daily SMA200 56.4
Previous Daily High 74.27
Previous Daily Low 72.56
Previous Weekly High 76.4
Previous Weekly Low 70.28
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 73.21
Daily Fibonacci 61.8% 73.62
Daily Pivot Point S1 72.7
Daily Pivot Point S2 71.77
Daily Pivot Point S3 70.99
Daily Pivot Point R1 74.41
Daily Pivot Point R2 75.19
Daily Pivot Point R3 76.12



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