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WTI reaches seven-year highs above $78.00 on OPEC+ agreement

WTI reaches seven-year highs above $78.00 on OPEC+ agreement

  • OPEC+ left the 400,000 barrels per day agreement unchanged, WTI rises 3%.
  • Western Texas Intermediate (WTI) printed a seven-year high at $78.20.
  • From a technical perspective, the bullish bias remains.

Earlier in the European session, oil prices were range-bound within $75.31 and $76.00. However, an announcement by the Organization of Petroleum Exporting Countries and its allies (OPEC+) leave the crude oil increase by 400K by November, spurring WTI’s rally to a seven-year high, because the market was expecting a larger increase. WTI is trading at $78.01, recording a 3.20% gain at the time of writing.

The market sentiment is downbeat, with major US stocks losing between 1.16% and 2.42%, hammered by rising energy prices, inflationary pressures, and higher US bond yields. Meanwhile, the US Dollar Index (DXY), which usually follows the US 10-year Treasury yields path, is down 0.30%, sitting at 93.78, against a basket of six rivals.

WTI Price Forecast: Technical outlook

WTI’s $3 spike to a seven-year high left the $77.00 threshold as new support. The daily moving averages (DMA’s) remain well below the price, supporting the upside bias.
For buyers to sustain the rally, they would need a daily close above the latter. In case of that outcome, the first resistance would be $78.00. A breach of that level would expose crucial supply levels, the October 4 high at $78.20, followed by $80.00.

On the other hand, failure at $77.00 could pave the way for further downward pressure. The first demand zone would be the September 28 high at $76.65. A decisive push beneath that level, WTI’s following support levels would be the September 30 high at $76.04, followed by $75.00.

The Relative Strength Index (RSI) is in oversold levels at 71, with an upward slope, suggesting that upside pressure stills in place. However, RSI above 70 indicates that consolidation or a correction is nearby.

KEY ADDITIONAL LEVELS TO WATCH

WTI

Overview
Today last price 78.01
Today Daily Change 2.42
Today Daily Change % 3.20
Today daily open 75.59
 
Trends
Daily SMA20 71.77
Daily SMA50 69.77
Daily SMA100 69.98
Daily SMA200 64.44
 
Levels
Previous Daily High 75.82
Previous Daily Low 74.06
Previous Weekly High 76.51
Previous Weekly Low 73
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 75.15
Daily Fibonacci 61.8% 74.73
Daily Pivot Point S1 74.49
Daily Pivot Point S2 73.4
Daily Pivot Point S3 72.73
Daily Pivot Point R1 76.25
Daily Pivot Point R2 76.91
Daily Pivot Point R3 78.01

 

 

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