- 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.
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
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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
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