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.

Rekha Chauhan Independent Analyst

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 price	80.52
Today Daily Change	0.48
Today Daily Change %	0.60
Today daily open	80.04

Trends
Daily SMA20	75.47
Daily SMA50	70.96
Daily SMA100	71.1
Daily SMA200	65.66

Levels
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

Author

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.

EUR/USD advances as US-Iran peace deal weighs on US Dollar

EUR/USD rises after registering minor losses in the previous day, trading around 1.1610 during the Asian hours on Monday. The pair appreciates as the US Dollar declines amid easing risk aversion following the reports that the United States and Iran agree on a peace deal to end the war and reopen the Strait of Hormuz.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold rises to weekly high as US, Iran reach peace deal

Gold price rises to a weekly high during the Asian trading hours on Monday. The precious metal rebounds after the United States and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.

BoJ set to hike, but will it save the Yen?

The Bank of Japan is poised to hike interest rates for the fifth time in this tightening cycle on Tuesday, taking the policy rate from 0.75% to 1.00%. As has become customary for BoJ rate hikes lately, the hawkish rhetoric has been intensifying in the run up to the meeting, with Governor Ueda essentially locking in the move in his last appearance on June 3.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.