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WTI climbs above $85 as traders eye a push toward $90
The outlook hinges on whether WTI holds nearby support around $84.8 and $85.5, with resistance layered at $91.2 and $92.0.
WTI crude oil moved higher against the US dollar, clearing levels near $82 and $85 to enter a positive zone, according to technical analysis from Action Forex. On the 4-hour XTI/USD chart, the price settled above $85 and above the 100 and 200 simple moving averages. The analysis says that if bullish momentum holds, traders could target a move above $90, with resistance cited at $91.20 and then around $92.00.
The same outlook also lays out levels that could derail the advance. Support is flagged around $85.5 first, then near $84.8, alongside a bullish trend line with support at $84.8.
For further context, Action Forex also highlighted a separate gold setup, saying gold needs to settle above $4,150 to continue higher near term, while WTI faces additional downside risk if it loses the $80.9 area.
Latest closeGold $4,430.80 ▲1.6%|WTI crude $83.42 ▲1.6%