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WTI holds near $79 as bullish consolidation builds toward $80
WTI is trading around the 200-day SMA on the 4-hour chart, with acceptance above $80 seen as a trigger for a move toward the 38.2% Fibonacci level at $82.48.
WTI crude has been consolidating for a fourth straight day, trading around $79.00 in early European trade, with the range-bound action framed as a bullish consolidation phase by FXStreet.
FXStreet links the sturdier downside to geopolitical risk, pointing to heightened US-Iran tensions and concerns about potential supply disruptions tied to the Strait of Hormuz.
Technically, the setup references WTI's breakout above the 23.6% Fibonacci retracement level and the 200-day SMA on the 4-hour chart, while momentum indicators such as RSI near 59 and MACD stabilizing in negative territory suggest consolidation is more likely to extend than flip into aggressive buying.
On the upside, FXStreet highlights a need for follow-through buying and acceptance above the $80.00 level to reinforce the constructive view and lift prices toward $82.48, with higher resistance cited near $87.25 and $92.01, while near-term support is seen at $77.30 on the 200-period SMA and $76.59 at the 23.6% retracement.
Latest closeWTI crude $79.00 ▼0.8%