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18.01.2022 10:51

WTI Price Analysis: Bulls brace for $91.30 at three-month high

  • WTI remains on the front foot to refresh multi-day high.
  • Bullish MACD keeps buyers hopeful to cross 2021 peak.
  • Overbought RSI conditions test buyers from targeting June 2014 lows.

WTI pierces $84.00 to refresh a three-month high during early Tuesday. In doing so, the black gold rises 0.40% intraday.

Given the firmer MACD signals and sustained trading beyond the key SMAs, WTI crude oil prices seem capable to cross the immediate hurdle, namely the year 2021 top surrounding $85.00.

The following run-up will aim for the $90.00 psychological magnet before hitting the June 2014 trough close to $91.30.

It’s worth observing that the overbought RSI conditions will challenge WTI crude oil buyers beyond $85.00.

Alternatively, pullback moves may initially aim for the 100-DMA level of $75.85 and then to the 50-DMA near $75.10.

Following that, a six-week-old support line of around $72.50 will be crucial for oil sellers to watch.

WTI: Daily chart

Trend: Further upside expected

 


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