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WTI Price Analysis: Rebounds from critical support convergence near $84.50

Daniel Rogers

Oct 18, 2022 11:41

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During Tuesday's Asian session, WTI crude oil prices continue to recover from the $84.50 support, trading around $84.90 a barrel. In doing so, black gold reverses a four-week decline and bounces off the convergence of a 100-day simple moving average and a two-week-old falling trend line.

 

It should be noted, however, that the sluggish RSI and MACD pose a challenge to the WTI buyers as the price approaches the 200-SMA barrier, about $85.00 at the time of publication.

 

Even if the price of black gold surpasses the $95.00 SMA resistance, a convergence of the one-week-old falling trend line and the support-turned-resistance line from September 26 near $87.00 will be a significant obstacle for bulls.

 

If the price manages to hold above $87.00, the monthly peak of $92.63 might attract market interest.

 

Alternativamente, a breach to the downside of the $84.50 support might precipitously drop WTI crude oil prices toward the September 30 swing high near $82.50.

 

Following that, the early September low near $80.90 and the $80.00 level could provide support for oil bears prior to pointing them to the prior monthly low of $76.08.


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