• Western Texas Intermediate is ready for its six-weekly gain.
  • Oil threatens to close above $75.00 for the first time in three months.
  • WTI’s technical outlook looks poised for higher prices.

Western Texas Intermediate (WTI) is advancing during the day, trading at $75.27, recording gains of 0.43% at the time of writing. WTI’s price action for the day has been up and down. However, it is threatening to close above $75.00 for the first time since June of this year, and it would be its sixth weekly gain.

Market sentiment is mixed as US stocks post gains between 0.56% and almost 1%, except for the Nasdaq Composite, barely down 0.02%. The greenback is recording losses for the second consecutive day, as the US Dollar Index is down 0.26%, clinging to 94.02.

Oil’s main driver of the last couple of days it’s the shortage of energy. According to Bloomberg, China ordered state-owned companies to secure energy supplies at all costs, as Beijing struggles with a deep power crisis. When that news hit the wires, WTI’s spiked from around $73.40 to $75.30’s. Further, rising coal and natural gas prices bolstered the prospects for higher crude oil prices. Investors’ focus turns to the OPEC+ meeting to be held the following week on October 4.

WTI Price Forecast: Technical Outlook

Daily chart

Oil is tip-toeing beyond $75.00. A daily close above that level would push prices to test $77.00 for the second time in two weeks. If oil buyers breach that level, a run towards $80.00 is on the books.

On the flip side, failure at $75.00 could pave the way for further losses. The first support would be October 1 low at $74.21. A sustained break of the latter would expose $74.00, followed by $73.12.

The Relative Strength Index is at 65, with little room to spare, in case of another leg up.

KEY ADDITIONAL LEVELS TO WATCH

WTI

Overview
Today last price 75.27
Today Daily Change 0.32
Today Daily Change % 0.43
Today daily open 74.95
 
Trends
Daily SMA20 71.44
Daily SMA50 69.7
Daily SMA100 69.88
Daily SMA200 64.3
 
Levels
Previous Daily High 75.9
Previous Daily Low 73
Previous Weekly High 74.15
Previous Weekly Low 69.35
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 74.79
Daily Fibonacci 61.8% 74.11
Daily Pivot Point S1 73.33
Daily Pivot Point S2 71.71
Daily Pivot Point S3 70.42
Daily Pivot Point R1 76.23
Daily Pivot Point R2 77.52
Daily Pivot Point R3 79.14

 

 

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