WTI Price Analysis: Consolidation with a mild positive bias indicates an upside to near $110.00

The black gold is consolidating in a wider range of $92.77-110.33 with a mild positive bias.
Oil prices are firmer above the 20-EMA at $103.14.
The RSI (14) has rebounded sharply from the bearish range of 20.00-40.00.

Sagar Dua FXStreet

West Texas Intermediate (WTI), futures on NYMEX, is displaying back and forth moves in a narrow range of $109.98-104.36 in the Asian session. On a broader note, the oil prices are driving higher sharply after testing below the psychological support of $100.00 that triggered the responsive buying action.

The black gold is oscillating in a wider range of $92.77-110.33 with a mild positive bias on a four-hour scale. The oil prices have witnessed a firmer rebound after hitting the low of $97.21 on Tuesday, which has directed the asset towards the upper slight bullish horizontal trendline placed from March 30 high at $107.71.

The black gold has overstepped the 20-period Exponential Moving Average (EMA) at $103.14, which has strengthened the bulls.

Meanwhile, the Relative Strength Index (RSI) (14) has rebounded sharply from the bearish range of 20.00-40.00 but is likely to find a barricade around 60.00.

Should the asset oversteps Wednesday’s high at $103.05, bulls may drive the asset towards the April 29 high at $107.07, followed by the psychological resistance at $110.00.

On the flip side, bulls could lose momentum if the asset drops below the psychological mark of $100.00, which will send the oil prices to near Tuesday’s low at $97.21. A breach of the latter will drag the fossil fuel prices towards April 25 low at $95.07.

WTI four-hour chart

WTI US OIL

Overview
Today last price	104.3
Today Daily Change	0.06
Today Daily Change %	0.06
Today daily open	104.24

Trends
Daily SMA20	103.52
Daily SMA50	104.19
Daily SMA100	94.57
Daily SMA200	84.13

Levels
Previous Daily High	105.03
Previous Daily Low	97.21
Previous Weekly High	110.33
Previous Weekly Low	99.58
Previous Monthly High	109.13
Previous Monthly Low	92.65
Daily Fibonacci 38.2%	102.04
Daily Fibonacci 61.8%	100.2
Daily Pivot Point S1	99.29
Daily Pivot Point S2	94.34
Daily Pivot Point S3	91.48
Daily Pivot Point R1	107.11
Daily Pivot Point R2	109.98
Daily Pivot Point R3	114.92

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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