WTI Price Analysis: Oil hits 2.5-year high, weekly chart shows a bullish breakout

Omkar Godbole FXStreet Contributor

WTI extends previous week's gain, clocks fresh 13-month high.

Oil has violated a 2-1/2-year-long bearish trendline.

West Texas Intermediate (WTI) crude, a North American oil benchmark, rose to $57.50 on Monday – the highest level since January 2020.

Prices jumped nearly 9% last week – the biggest single-week gain since October 2020 – confirming an upside break of the trendline falling from October 2018 and January 2020 highs.

The breakout has exposed resistances at $60 (psychological level) and $65.65 (lower high created in January 2020).

However, a pullback may be seen before a continued rally, as the daily and weekly chart Relative Strength Indices are hovering above 70.00, indicating overbought conditions.

The ascending 10-day Simple Moving Average, currently at $54.64, is a key support to watch out for in the short-term.

Weekly chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price	57.35
Today Daily Change	0.48
Today Daily Change %	0.84
Today daily open	56.87

Trends
Daily SMA20	53.33
Daily SMA50	49.95
Daily SMA100	45.19
Daily SMA200	41.71

Levels
Previous Daily High	57.17
Previous Daily Low	56.21
Previous Weekly High	57.17
Previous Weekly Low	51.6
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	56.8
Daily Fibonacci 61.8%	56.57
Daily Pivot Point S1	56.33
Daily Pivot Point S2	55.79
Daily Pivot Point S3	55.37
Daily Pivot Point R1	57.29
Daily Pivot Point R2	57.7
Daily Pivot Point R3	58.24

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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