WTI Price Analysis: Upside needs daily close above $80.50

  • WTI prints gain following two days of consolidation on Thursday.
  • Bulls require to break decisively above $80.50 to hold more gains.
  • The momentum oscillator holds onto the overbought zone, with stretched buying conditions.

WTI prices continue to consolidate gains on Thursday in the European session. The supply-chain bottlenecks underpin the demand for crude oil. At the time of writing, WTI is trading at $80.51, up 0.60% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after crossing the 21-day Simple Moving Average (SMA) at $67.62 since August 27.

After testing the seven-year high at around $80.00, WTI looks exhaustive near these levels. To continue the upside, the price has to give a daily close above 80.50 to test Monday’s high of 81.28. WTI bulls will then keep their eyes on October 2014 high at $92.96.

Alternatively, if the prices move lower, they would look out for the $79.10 and the $76.60 horizontal support levels respectively, and then march 21-day SMA at $75.70.

WTI additional levels


Today last price 80.52
Today Daily Change 0.48
Today Daily Change % 0.60
Today daily open 80.04
Daily SMA20 75.47
Daily SMA50 70.96
Daily SMA100 71.1
Daily SMA200 65.66
Previous Daily High 80.42
Previous Daily Low 78.85
Previous Weekly High 79.74
Previous Weekly Low 74.75
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 79.82
Daily Fibonacci 61.8% 79.45
Daily Pivot Point S1 79.11
Daily Pivot Point S2 78.19
Daily Pivot Point S3 77.53
Daily Pivot Point R1 80.69
Daily Pivot Point R2 81.35
Daily Pivot Point R3 82.27



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