WTI Price Analysis: Eyes resistance at $41.72

WTI recovers from session lows and eyes resistance of Sept. 18 high of $41.72.
Daily chart indicators favor a breakout above the key hurdle.

Omkar Godbole FXStreet Contributor

The West Texas Intermediate (WTI) crude, the North American oil benchmark, is currently trading at $41.55, representing a 0.36% decline on the day.

The black gold has recovered from the session low of $41.12 and is fast approaching resistance at $41.72 (Sept. 18 high).

While the bulls failed to establish a foothold above that level on Monday, they ended up carving out a bullish outside day candle. That, coupled with the above-50 or bullish reading on the 14-day relative strength index and the positive value on the MACD histogram, suggests scope for a breakout above $41.72. That would expose the 2020 high of $43.78 reached on Aug. 26.

A bearish reversal would be confirmed if the resistance at $41.72 holds and sends prices back below Tuesday's low of $40.46.

Daily chart

Trend: Bullish above $41.72

Technical levels

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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