WTI Price Analysis: Multiple hurdles to test recovery towards $90.00

WTI picks up bids to extend Friday’s recovery from 13-day low.
One-week-old descending trend line, support-turned-resistance from August 17 will precede 200-SMA to test bulls.
RSI, MACD signals keep buyers hopeful, short-term rising trend line challenges fresh downside.

WTI crude oil grinds higher around $87.70 as it stretches Friday’s rebound during Monday’s initial Asian session. The black gold’s recovery moves also gain support from the RSI (14) and MACD to tease bulls to aim for the $90.00 threshold.

An impending bull cross on the MACD joins recently firmer RSI, not overbought, to keep buyers hopeful.

With this, the quote rises towards a downward sloping resistance line from the last Wednesday, around $88.75 at the latest.

However, a 13-day-old previous support line and the 200-SMA, respectively near $89.80 and $90.15, could challenge the WTI crude oil buyers afterward.

In a case where the black gold crosses the $90.15 hurdle, the August-end swing high near $92.55 will be in focus.

Alternatively, an ascending support line from Thursday, near $86.50, restricts the immediate downside of the commodity prices.

Following that, the recent low of around $85.80-75 precedes the previous monthly bottom near $85.40 to challenge the WTI bears.

Overall, oil prices are likely to remain firmer but the road to the north is a bumpy one.

WTI: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	87.72
Today Daily Change	0.81
Today Daily Change %	0.93%
Today daily open	86.91

Trends
Daily SMA20	90.58
Daily SMA50	95.13
Daily SMA100	102.11
Daily SMA200	95.3

Levels
Previous Daily High	89.36
Previous Daily Low	86.11
Previous Weekly High	97.28
Previous Weekly Low	85.77
Previous Monthly High	97.68
Previous Monthly Low	85.39
Daily Fibonacci 38.2%	88.12
Daily Fibonacci 61.8%	87.35
Daily Pivot Point S1	85.56
Daily Pivot Point S2	84.21
Daily Pivot Point S3	82.31
Daily Pivot Point R1	88.81
Daily Pivot Point R2	90.71
Daily Pivot Point R3	92.05

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.