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- WTI Price Analysis: Renews eight-year high on Russia-Ukraine conflict
WTI Price Analysis: Renews eight-year high on Russia-Ukraine conflict
- WTI prints the biggest daily gains while piercing seven-month-old resistance line.
- Overbought RSI, September 2014 peak may test the bulls.
- 21-DMA, ascending trend line from December 2021 limits immediate downside.
WTI crude oil prices rise 2.67% on a day, despite recently easing from a multi-day high of $95.12, as Russia invades Ukraine during Thursday’s Asian session. That said, the black gold trades around $94.50 by the press time.
Read: Breaking: NATO has officially told Reuters that an official invasion of Ukraine has begun
It’s worth noting that the commodity prices recently ticked beyond an upward sloping trend line from July 2021, around $94.40 at the latest, to renew the highest levels since September 2014. However, overbought RSI conditions may test the bulls, which in turn require a daily closing beyond $94.40 to reject the odds of a pullback.
Even if the WTI crude oil prices stay beyond $94.40, September 2014 high near $96.00 will act as an additional upside filter before directing the quote towards the $100.00 psychological magnet.
Meanwhile, a pullback move will need to conquer the $90.00 threshold, also near to the 21-DMA and a three-month-long rising trend line.
Following that, the monthly low of $87.30 and the October 2021 peak of around $85.00 will be in focus.
Overall, geopolitics favor the bulls but technical details need validation to confirm the commodity’s further upside.
WTI: Daily chart
Trend: Pullback expected
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