WTI Price Analysis: Remains on the way to scale up beyond $76.50

WTI is in no mood to settle down and remains on the track to scale back 2018 high.
Bulls still hold on to the control of the price action.
Momentum oscillator remains comfortable in oversold zone with no immediate sign of any reversal.

Rekha Chauhan Independent Analyst

West Texas Crude Oil (WTI) remains unstoppable on Tuesday in the Asian trading hours. The pair extended the previous day's upside momentum and touched a fresh YTD high in today's session.

At the time of writing, WTI is trading at $76.15, up 0.67% for the day.

WTI daily chart

On the daily chart, WTI has been rising continuously since November 2020 from the low of $33.84 and made a fresh yearly high at $76.19 in today’s session.

If WTI preserves the upside momentum, it could easily surpass the 2018 high at $76.80 as the immediate first target.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone with bullish momentum.

Next, the WTI bulls would barge into levels last seen in November 2014. A daily close above the $76.00 level will open the doors for the 77.02 level.

Alternatively, if prices move lower, it could retrace back to the intraday session’s low at $75.58, followed by the $74.90 horizontal support level.

Next, the bears attempt to test the ascending trendline, which extends from the low of $65.17, at $73.20.

WTI additional levels

WTI

Overview
Today last price	76.08
Today Daily Change	0.38
Today Daily Change %	0.50
Today daily open	75.7

Trends
Daily SMA20	72.3
Daily SMA50	68.28
Daily SMA100	64.98
Daily SMA200	55.55

Levels
Previous Daily High	75.82
Previous Daily Low	74.29
Previous Weekly High	75.7
Previous Weekly Low	71.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	75.23
Daily Fibonacci 61.8%	74.87
Daily Pivot Point S1	74.72
Daily Pivot Point S2	73.73
Daily Pivot Point S3	73.18
Daily Pivot Point R1	76.25
Daily Pivot Point R2	76.8
Daily Pivot Point R3	77.79

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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