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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

WTI

Overview
Today last price80.52
Today Daily Change0.48
Today Daily Change %0.60
Today daily open80.04
 
Trends
Daily SMA2075.47
Daily SMA5070.96
Daily SMA10071.1
Daily SMA20065.66
 
Levels
Previous Daily High80.42
Previous Daily Low78.85
Previous Weekly High79.74
Previous Weekly Low74.75
Previous Monthly High76.51
Previous Monthly Low67.02
Daily Fibonacci 38.2%79.82
Daily Fibonacci 61.8%79.45
Daily Pivot Point S179.11
Daily Pivot Point S278.19
Daily Pivot Point S377.53
Daily Pivot Point R180.69
Daily Pivot Point R281.35
Daily Pivot Point R382.27

Author

Rekha Chauhan

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.

More from Rekha Chauhan
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