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WTI holds near $84.30 as bulls wait below $85 and key Fib levels
WTI has struggled to gain acceptance above $85.00 and the 61.8% Fibonacci retracement, with support clustered near the 200-period EMA around $80.78.
WTI crude extended its consolidative move for a third straight day, trading around $84.30 through the Asian session, as bulls appeared hesitant to add risk ahead of further developments tied to the Middle East crisis, according to FXStreet.
Technically, WTI has been unable so far to secure acceptance above the $85.00 psychological level and to move through the 61.8% Fibonacci retracement level from the July to August decline. FXStreet also noted the contract is holding a near-term bullish bias above the 200-period EMA on the 4-hour chart and the 50.0% retracement area near $80.78 to $82.95, while MACD has dipped slightly into negative territory and RSI near 58.97 remains bullish but not overbought.
FXStreet said that upside momentum looks more like it is moderating than reversing, implying any corrective dip could remain limited. Immediate support was flagged at the 50.0% retracement near $82.95, with a broader demand cluster around the 200-period EMA near $80.78 and the 38.2% retracement around $80.73, and deeper downside levels at $77.98 (23.6%) and a structural low near $73.55.
On the upside, the first resistance was seen at the 61.8% Fib level near $85.17, followed by a stronger barrier near the 78.6% retracement around $88.33, while the cycle high near $92.35 would act as a major cap if buyers extend the move.
Latest closeWTI crude $82.40 ▲1.4%