WTI Price Analysis: Renews eight-year high on Russia-Ukraine conflict

WTI prints the biggest daily gains while piercing seven-month-old resistance line.
Overbought RSI, September 2014 peak may test the bulls.
21-DMA, ascending trend line from December 2021 limits immediate downside.

Anil Panchal FXStreet

WTI crude oil prices rise 2.67% on a day, despite recently easing from a multi-day high of $95.12, as Russia invades Ukraine during Thursday’s Asian session. That said, the black gold trades around $94.50 by the press time.

Read: Breaking: NATO has officially told Reuters that an official invasion of Ukraine has begun

It’s worth noting that the commodity prices recently ticked beyond an upward sloping trend line from July 2021, around $94.40 at the latest, to renew the highest levels since September 2014. However, overbought RSI conditions may test the bulls, which in turn require a daily closing beyond $94.40 to reject the odds of a pullback.

Even if the WTI crude oil prices stay beyond $94.40, September 2014 high near $96.00 will act as an additional upside filter before directing the quote towards the $100.00 psychological magnet.

Meanwhile, a pullback move will need to conquer the $90.00 threshold, also near to the 21-DMA and a three-month-long rising trend line.

Following that, the monthly low of $87.30 and the October 2021 peak of around $85.00 will be in focus.

Overall, geopolitics favor the bulls but technical details need validation to confirm the commodity’s further upside.

WTI: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	94.71
Today Daily Change	2.79
Today Daily Change %	3.04%
Today daily open	91.92

Trends
Daily SMA20	89.66
Daily SMA50	82.93
Daily SMA100	80.15
Daily SMA200	75.26

Levels
Previous Daily High	93.58
Previous Daily Low	90.39
Previous Weekly High	94.02
Previous Weekly Low	87.29
Previous Monthly High	88.22
Previous Monthly Low	74.12
Daily Fibonacci 38.2%	92.36
Daily Fibonacci 61.8%	91.61
Daily Pivot Point S1	90.35
Daily Pivot Point S2	88.77
Daily Pivot Point S3	87.16
Daily Pivot Point R1	93.54
Daily Pivot Point R2	95.15
Daily Pivot Point R3	96.73

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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