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WTI crude rises above $95, with $96.50 and $97.40 ahead
The analysis points to possible upside continuation if WTI closes above $98, while downside support is flagged near $92.40 and $90.50.
WTI crude prices moved higher against the US dollar, climbing above $93.50 and pushing through $95.00, according to technical analysis published by Action Forex.
On the 4-hour XTI/USD chart, the report says the move extended gains above the 100 and 200 simple moving averages and notes a bullish trend line forming with support around $92.40.
It flags resistance near $96.50 and $97.40, with a key hurdle around $98.00. A close above $98.00 could open the door to a move toward $100 or even $102.
For a potential pullback, the article cites the 23.6% Fibonacci retracement level of the rise from $80.11 to $96.28 near $92.40, with additional downside support levels at $90.50, then around $88.20 and $85.00 if losses deepen. In related currency markets, the piece also notes USD/JPY remained below 155.00.
Latest closeWTI crude $91.10 ▲3.2%|USD/JPY 157.84 ▼0.3%