WTI Crude Oil Meets a Tough Barrier-Can Bulls Hold on?
WTI Crude Oil prices are currently testing resistance levels near $81.40 after a steady climb from $75. Analysts are monitoring key support levels at $76.50 and $72.80 to determine if the current bullish trend can be sustained.
Why it matters
Fluctuations in oil prices have broad implications for global inflation, transportation costs, and energy sector investments.
WTI Crude Oil prices started a steady increase above $75 against the US Dollar. The price cleared key hurdles near $76 and $78 to enter a positive zone.
Looking at the 4-hour chart of XTI/USD, the price settled above $76.50 and the 100 simple moving average (red, 4-hour). However, the bears seem to be active near the $81.40 zone and the 200 simple moving average (green, 4-hour).
On the downside, the first major support could be near the $76.50 zone. The next support might be $74.50 or the 50% Fibonacci retracement level of the upward move from the $67.40 swing low to the $81.31 high.
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