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WTI crude pushes above $76 as price eyes $81.50 resistance
WTI is holding above $76.5 on the 4-hour chart, but bears are active near $81.4, with downside support flagged at $72.8.
WTI crude oil started a steady rise versus the US dollar, clearing hurdles near $76 and $78 to move into a positive zone, Action Forex said. On the 4-hour chart for XTI/USD, the price settled above $76.5 and the 100 simple moving average, while bears showed activity around the $81.4 area and the 200 simple moving average.
For the downside, the first major support was identified near $76.5, with the next level at $74.5 or the 50% Fibonacci retracement of the move from a $67.4 swing low to an $81.31 high. The main support was flagged near a bullish trend line at $72.8 and the 100 simple moving average, with a daily close below $70 raising the risk of a larger decline toward $65.
On the upside, resistance was noted at $81.5, followed by $84.0, with a first key hurdle for bulls near $85.0. A break above $85.0 could open the door to gains toward $88.0, according to the technical outlook.
Latest closeWTI crude $91.10 ▲3.2%