- WTI is heading towards the weekly gains with monthly 9% gains in September.
- Bulls face resistance near the daily swing area $76.50 and $76.80.
- Momentum oscillator holds onto overbought zone with underlying bullish sentiment.
WTI prices are in no mood to slow down its previous momentum on the last trading day of the week in the initial Asian trading hours. The supply-chain bottlenecks underpins the demand for the crude oil. At the time of writing, WTI is trading at $75.20, up 0.32% for the day.
WTI daily chart
-637686450685556173.png)
On the daily chart, WTI has been in the continuous uptrend after testing the low of $61.79 on August 20. The prices have been consolidating near $75.60 for the past five-session, making it a crucial level to trend. If WTI sustains above the intraday high it would retest the previous day’s high of $75.90 as the first upside target.
WTI monthly chart
-637686451275736274.png)
The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could fuel the upside rally toward the high of $76.51 made this Tuesday followed by the 2018 high at $76.80.
Alternatively, if the prices move lower, they would lookout for the $74 horizontal support level as the first downside target and then march toward the 23.6% Fibonacci retracement, which extends from the low of $61.79 at $72.81.
Next, the bears would attempt to meet the low made on September 23 at $71.54.
WTI additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.