WTI Price Analysis: Trades back and forth above $75

The oil price struggles for a direction as investors seek fresh developments in the Israel-Hamas war.
A hawkish guidance from Fed Powell on interest rates has dampened the oil demand outlook.
WTI trades sideways due to a Symmetrical Triangle chart formation.

Sagar Dua FXStreet

West Texas Intermediate (WTI), futures on NYMEX, trade directionless in a narrow range above the crucial support of $75.00 in the European session. The oil price struggles for a direction as investors seek fresh developments in the Israel-Hamas war.

The oil price is hovering near the three-month low and is expected to extend downside as the war situation between Israel and Palestine is seen remaining contained between them. This would not disrupt the oil supply chain significantly.

Meanwhile, hawkish guidance from Federal Reserve (Fed) Chair Jerome Powell on interest rates has dampened the oil demand outlook. Jerome Powell doesn’t consider current interest rates adequate to tame price pressures.

WTI trades sideways due to a Symmetrical Triangle chart formation on an hourly scale. The aforementioned chart pattern indicates a sharp compression in volatility. This indicates that investors await a potential trigger for a strong action.

The 20-period Exponential Moving Average (EMA) at $76.00 remains close to oil prices, indicating a lackluster performance.

The Relative Strength Index (RSI) (14) oscillates in the 40.00-60.00, portraying a sideways trend.

More offers would appeal if the oil price drops below November 8 low near $75.00. The oil price would fall further towards July 18 low at $73.85, followed by psychological support of $70.00.

In an alternate scenario, a decisive break above November 8 high at $77.42 would drive the asset toward November 3 low near $80.00. A breach of the latter would expose the asset to November 6 high at $82.00.

WTI hourly chart

WTI US OIL

Overview
Today last price	76.38
Today Daily Change	0.80
Today Daily Change %	1.06
Today daily open	75.58

Trends
Daily SMA20	83.09
Daily SMA50	85.67
Daily SMA100	81.54
Daily SMA200	77.97

Levels
Previous Daily High	77.11
Previous Daily Low	75.2
Previous Weekly High	84.85
Previous Weekly Low	79.94
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	76.38
Daily Fibonacci 61.8%	75.93
Daily Pivot Point S1	74.82
Daily Pivot Point S2	74.06
Daily Pivot Point S3	72.92
Daily Pivot Point R1	76.73
Daily Pivot Point R2	77.87
Daily Pivot Point R3	78.63

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

AUD/USD remains depressed near 0.6950 after RBA minutes

AUD/USD attracts follow-through selling during Tuesday’s Asian session, looking to extend the overnight rejection slide from 0.7000, or a two-week top, following the release of RBA meeting Minutes. The US Dollar retains a bullish undertone near its highest level since April 2025 as energy-driven inflation risks keep December Fed rate hike bets firmly on the table. Adding to this, geopolitical risks further underpin the safe-haven USD.

USD/JPY extends retreat below 158.50 as intervention risks loom

USD/JPY is dropping below 158.50 in the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI inflation print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the pair.

Gold bulls seem hesitant below $4,200 as hawkish Fed offset USD weakness

Gold retains a mildly positive bias though it remains capped below the $4,200 mark and the top boundary of a two-week-old trading range. The US Dollar retreats from its highest level since April 2025 amid some profit-taking, offering support to the precious metal. However, the US Federal Reserve's hawkish stance and escalating Middle East conflicts could limit deeper losses for the safe-haven buck, keeping a lid on the commodity and warranting some caution for aggressive bulls.

Solana reclaims 50-day EMA amid tokenization expansion

Solana (SOL) trades above $107 on Tuesday, reclaiming the 50-day EMA after closing below it the previous day. Meanwhile, Solana’s tokenization expansion and the upcoming listing of Hong Kong’s second spot Solana Exchange Traded Fund highlight growing institutional interest.

Dollar corrects as markets watch bank earnings

The US Dollar remains broadly strong but is now correcting, with a possible retest of the breakout zone around 102 on the Dollar Index. Equity markets are showing a mixed picture: the S&P 500 and Nasdaq are weaker, while blue-chip indices such as the Dow Jones and DAX are moving higher.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?