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- WTI Price Analysis: Bounces off four-month-old support to regain $82.50
WTI Price Analysis: Bounces off four-month-old support to regain $82.50
- WTI picks up bids to extend the bounce off short-term key support line.
- MACD, RSI favor bears, 61.8% Fibonacci retracement is the short-term key hurdle.
- 50-DMA holds the key to buyer’s conviction, bears may aim for 78.6% Fibonacci retracement level.
WTI crude oil extends the previous day’s rebound from nearly eight-month low to $82.50 during Thursday’s Asian session. In doing so, the black gold takes a U-turn from the downward sloping support line from May.
Although nearly oversold RSI and the key support line might have triggered the quote’s latest rebound, bearish MACD signals and a pause in the RSI recovery seems to challenge the WTI bulls.
That said, the recovery moves also would have found the 61.8% Fibonacci retracement level of December 2021 to January 2022 upside, near $86.85, as strong resistance.
Even if the quote crosses the $86.85 hurdle the $90.00 threshold and the 50-DMA level surrounding $93.30 could test the WTI buyers before giving them control.
On the contrary, a downside break of the stated support line, near $80.50, needs validation from the $80.00 round figure to please bears.
Following that, the 78.6% Fibonacci retracement level of $76.00, will be in focus.
Overall, WTI crude oil prices are likely to remain bearish but a short-term rebound can’t be ruled out.
WTI: Daily chart
Trend: Limited recovery expected
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