WTI Price Analysis: Bulls are firmer above 50% Fibo retracement, $115.00 eyed

• Oil prices are firmer on the bull cross of 50 and 200-period EMAs, indicating more gains ahead.
• The RSI (14) is juggling in a bullish range of 60.00-80.00, which adds to the upside filters.
• WTI is hovering in the mid of 50% and 61.8% Fibo retracement.

West Texas Intermediate (WTI), future on NYMEX, is trading around $111.00 after a juggernaut rally from March 16 low at $92.69. The oil prices have boiled significantly from the last week and a gain of almost 17% has been recorded.

On the hourly scale, oil prices have surpassed the 50% Fibonacci retracement (placed from March 8 high at $126.51 to March 15 low at $92.37), which is placed at $109.55. The trendline placed from March 16 low at 92.69, adjoining the March 18 low at $100.85 will continue to act as major support for the oil counter.

A bull cross, represented by the 50 and 200-period Exponential Moving Averages (EMAs) crossover, placed at $102.46, points to more gains ahead.

The Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which signals more upside ahead.

Should the asset violate the March 10 high at $111.90, the placement of significant bids will push the oil prices higher to 61.8% Fibo retracement at $113.50. Breach of the latter will send the black gold to the round level at $115.00.

On the contrary, bears may lose control if the asset skids below Tuesday’s low at $110.00, which will drag the oil prices to the above-mentioned trendline at $108.60, followed by a 50-period EMA at $106.66.

WTI hourly chart