WTI Price Analysis: Marches towards $80.00 on bull flag confirmation

WTI picks up bids to reverse the week-start pullback from fortnight high.
Confirmation of bullish chart pattern, looming bull cross on MACD favor buyers.
Convergence of 100-EMA, flag’s lower line restricts immediate downside.

WTI crude oil grinds higher around the intraday top of $79.68 during early Tuesday morning in Europe. In doing so, the black gold prints mild gains while reversing the previous day’s pullback from a two-week top.

That said, the quote’s latest gains could be linked to the confirmation of a bullish chart pattern, namely the “bull flag” on the hourly play. Also underpinning the run-up could be the impending bull cross on the MACD indicator.

As a result, the WTI is on the way to the theoretical target surrounding $85.50. However, the monthly peak of $81.55 and the previous month’s high of $83.30 could probe the Oil buyers.

It’s worth noting that the energy benchmark’s latest run-up also takes clues from the firmer prints of the RSI (14).

Meanwhile, WTI pullback remains elusive unless the quote remains beyond the $78.45 resistance confluence, including the 100-bar Exponential Moving Average (EMA) and lower line of the two-day-old bull flag.

In a case where the energy benchmark stays weaker past $78.45, the odds of witnessing a slump toward the monthly low of $72.65 can’t be ruled out.

Overall, WTI crude oil remains on the buyer’s radar unless it drops below $78.45.

WTI: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	79.6
Today Daily Change	0.48
Today Daily Change %	0.61%
Today daily open	79.12

Trends
Daily SMA20	77.71
Daily SMA50	78.6
Daily SMA100	82.13
Daily SMA200	92.38

Levels
Previous Daily High	80.44
Previous Daily Low	78.78
Previous Weekly High	80.25
Previous Weekly Low	73.89
Previous Monthly High	83.3
Previous Monthly Low	70.27
Daily Fibonacci 38.2%	79.42
Daily Fibonacci 61.8%	79.81
Daily Pivot Point S1	78.46
Daily Pivot Point S2	77.8
Daily Pivot Point S3	76.81
Daily Pivot Point R1	80.11
Daily Pivot Point R2	81.1
Daily Pivot Point R3	81.76

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