WTI Price Analysis: Marches towards $80.00 on bull flag confirmation
|- WTI picks up bids to reverse the week-start pullback from fortnight high.
- Confirmation of bullish chart pattern, looming bull cross on MACD favor buyers.
- Convergence of 100-EMA, flag’s lower line restricts immediate downside.
WTI crude oil grinds higher around the intraday top of $79.68 during early Tuesday morning in Europe. In doing so, the black gold prints mild gains while reversing the previous day’s pullback from a two-week top.
That said, the quote’s latest gains could be linked to the confirmation of a bullish chart pattern, namely the “bull flag” on the hourly play. Also underpinning the run-up could be the impending bull cross on the MACD indicator.
As a result, the WTI is on the way to the theoretical target surrounding $85.50. However, the monthly peak of $81.55 and the previous month’s high of $83.30 could probe the Oil buyers.
It’s worth noting that the energy benchmark’s latest run-up also takes clues from the firmer prints of the RSI (14).
Meanwhile, WTI pullback remains elusive unless the quote remains beyond the $78.45 resistance confluence, including the 100-bar Exponential Moving Average (EMA) and lower line of the two-day-old bull flag.
In a case where the energy benchmark stays weaker past $78.45, the odds of witnessing a slump toward the monthly low of $72.65 can’t be ruled out.
Overall, WTI crude oil remains on the buyer’s radar unless it drops below $78.45.
WTI: Hourly chart
Trend: Further upside expected
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.