WTI Price Analysis: Justifies bullish RSI divergence, $92.30 in focus

  • WTI holds onto the previous day’s recovery moves, grinds higher around daily top.
  • Successful break of 100-SMA, bullish MACD divergence keep buyers hopeful.
  • Two-month-old resistance line, 200-SMA restrict immediate upside.
  • 12-day-old support line adds to the downside filters.

WTI crude oil buyers defend the $91.00 breakout heading into Tuesday’s European session. In doing so, the black gold justifies the previous day’s upside break of the 100-SMA, as well as the bullish MACD signals.

Additionally, the lower high on prices joins the higher high on the RSI (14) to portray the hidden bullish divergence of the commodity.

As a result, the quote aims for the downward sloping resistance line from late July, around $92.30.

However, the energy benchmark’s further upside hinges on how well the buyers can cross the 200-SMA hurdle surrounding $93.65.

Following that, a slow grind towards the monthly high of $95.90 and then to the $100.00 threshold can’t be ruled out.

On the flip side, pullback moves remain elusive until the quote remains above the descending resistance line from July 29, around $89.10. That said, the 100-SMA level near $90.45 restricts the immediate downside of the black gold.

It should be noted that the WTI crude oil’s weakness past $89.10 could make it vulnerable to refresh the six-month low, which in turn highlights the two-week-old support line, at $84.70 by the press time.

WTI: Four-hour chart

Trend: Limited upside expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price91.06
Today Daily Change0.58
Today Daily Change %0.64%
Today daily open90.48
TRENDS
Daily SMA2091.32
Daily SMA5098.33
Daily SMA100102.85
Daily SMA20094.68
LEVELS
Previous Daily High90.98
Previous Daily Low86.26
Previous Weekly High91.64
Previous Weekly Low85.39
Previous Monthly High109.54
Previous Monthly Low88.34
Daily Fibonacci 38.2%89.18
Daily Fibonacci 61.8%88.06
Daily Pivot Point S187.5
Daily Pivot Point S284.51
Daily Pivot Point S382.77
Daily Pivot Point R192.23
Daily Pivot Point R293.97
Daily Pivot Point R396.95