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WTI rises above $90 before pullback, support seen near $87.5
WTI formed a high at $92.62 after climbing above $90, and analysts flag $87.80 to $87.50 as key downside support if selling continues.
WTI crude prices gained bullish momentum against the US dollar, climbing steadily above $86.50 and pushing above $90.00 before easing. According to Action Forex, the 4-hour XTI/USD chart also shows price settling above the 100 simple moving average and the 200 simple moving average.
The analysis notes a high at $92.62, followed by a minor pullback below $91.20 and the 23.6% Fibonacci retracement of the move from a swing low at $80.11 to the $92.622 high. If losses deepen, support is cited near $87.80 and a bullish trend line support around $87.50.
Additional levels discussed include first major support around the $85.00 area, with a close below $85.00 potentially opening the door toward $82.00 and then $80.80. On the upside, resistance is listed at $92.50, then $93.40, with $95.00 described as a hurdle for more sustained gains.
The piece also briefly points to USD/JPY, saying the pair traded marginally above 160.00 before giving back some gains. It frames the near term outlook for WTI in technical terms rather than fundamentals.
Latest closeWTI crude $97.01 ▲4.3%|USD/JPY 153.32 ▼0.1%