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WTI Price Analysis: Regains $82.50 after bouncing off a four-month-old support

Daniel Rogers

Sep 08, 2022 16:48

 截屏2022-06-17 下午4.37.06_1024x576.png

 

During Thursday's Asian session, WTI crude oil continues the previous day's bounce from an eight-month low to $82.50. In doing so, the price of black gold reverses course from the downwardly sloped support line established in May.

 

Although a nearly oversold RSI and the crucial support line may have spurred the latest rebound in the WTI price, negative MACD indications and a pause in the RSI recovery pose a challenge to the WTI bulls.

 

Nonetheless, the 61.8% Fibonacci retracement level of December 2021 to January 2022 on the upside, near $86.85, would have presented formidable barrier to the recovery swings.

 

Even if the price surpasses the $86.85 barrier, the $90.00 barrier and the 50-day moving average level near $93.30 could test WTI buyers before they gain control.

 

In contrast, a bearish break of the stated support line near $80.50 would require confirmation from the $80.00 round number.

 

The focus will then shift to the $76.00 Fibonacci retracement level after that.

 

Overall, WTI crude oil prices are anticipated to continue gloomy, but a short-term recovery cannot be ruled out.


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