- 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
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
|Today last price||75.27|
|Today Daily Change||0.32|
|Today Daily Change %||0.43|
|Today daily open||74.95|
|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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