WTI Price Analysis: Grinds higher inside weekly trading range below $90.00
|- WTI picks up bids to poke upper line of the one-week-old trading range.
- Firmer trading above the key HMAs, bullish MACD keeps buyers hopeful.
WTI crude oil stays firmer around $88.50 inside a weekly trading range during Tuesday’s Asian session, following a five-day uptrend.
While picking up bids inside the familiar trading area, WTI bulls keep the reins around the highest levels since October 2014.
Given the firmer MACD signals and the commodity’s sustained trading above the 100-HMA, as well as the 200-HMA, WTI crude oil prices are likely to overcome the immediate hurdle, namely the recent high of $88.22.
Following that, the $90.00 threshold will act as an intermediate halt during the quote’s rally targeting the early 2014 lows surrounding $91.30.
Alternatively, the 100-HMA level of $86.55 will initially challenge the pullback moves ahead of the lower line of the stated range near $85.70.
Also acting as a downside filter is the 200-HMA level of $85.57, a break of which will direct oil bears towards late January’s swing low near $81.70.
WTI: Hourly chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.