WTI Price Analysis: Oil buyers keep the reins despite retreat towards $81.00, overbought RSI

• WTI crude oil prints the first daily loss in four while easing from the highest level since mid-April.
• Overbought RSI prods Oil buyers but bullish MACD signals, sustained break of previous key resistances keep upside bias intact.
• Further upside needs validation from golden Fibonacci ratio, nine-month-old horizontal hurdle.
• Black gold bears remain troubled beyond $76.30 while $80.00 restricts immediate downside.

WTI crude oil buyers take a breather at the highest levels in 3.5 months amid early Tuesday morning in Europe. In doing so, the energy benchmark prints the first daily loss in four days while falling to around $81.30 by the press time.

With this, the black gold justifies the overbought RSI (14) line. However, a successful upside break of the previously key technical resistances joins the bullish MACD signals to keep the Oil buyers hopeful.

That said, the latest retreat may aim for the $80.00 round figure before targeting the previous resistance line stretched from mid-November 2022, close to $79.20. However, a five-week-old rising support line and the 50% Fibonacci retracement of its November 2022 to March 2023 downside, near $78.70, can prod the WTI bears afterward.

In a case where the Oil sellers keep the reins past $78.70, a joint of the 200-DMA and a nine-month-old resistance-turned-support line, close to $76.30, will be a tough nut to crack for them before taking control.

On the contrary, the 61.8% Fibonacci retracement level of around $82.10, also known as the golden Fibonacci ratio, guards the immediate upside of the WTI crude oil.

Following that, a horizontal resistance area comprising multiple tops marked since November 15, 2022, close to $83.40-60, will be crucial to watch as a break which can fuel the oil price towards the $90.00 psychological magnet, with the mid-November 2022 peak of $89.30-35 likely offering an intermediate halt.

WTI crude oil price: Daily chart

Trend: Limited declines eyed