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

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 price57.35
Today Daily Change0.48
Today Daily Change %0.84
Today daily open56.87
 
Trends
Daily SMA2053.33
Daily SMA5049.95
Daily SMA10045.19
Daily SMA20041.71
 
Levels
Previous Daily High57.17
Previous Daily Low56.21
Previous Weekly High57.17
Previous Weekly Low51.6
Previous Monthly High53.94
Previous Monthly Low47.26
Daily Fibonacci 38.2%56.8
Daily Fibonacci 61.8%56.57
Daily Pivot Point S156.33
Daily Pivot Point S255.79
Daily Pivot Point S355.37
Daily Pivot Point R157.29
Daily Pivot Point R257.7
Daily Pivot Point R358.24

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

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

More from Omkar Godbole
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