WTI Price Analysis: Bulls brace for a bumpy road around $88.00

• WTI grinds higher after an upbeat start to November.
• Monthly resistance line, five-week-old horizontal region challenge buyers.
• Convergence of 200-SMA, ascending trend line from late September appears a tough nut to crack for bears.
• Oscillators suggest further upside momentum towards the previous monthly top.

WTI crude oil price remains sidelined around $88.10 during Wednesday’s sluggish Asian session, mildly bid after posting the biggest daily gain in a week.

In doing so, the black gold buyers prepare to battle with the broad resistance region between $88.50 and $89.30, comprising a one-month-old descending trend line and a horizontal area comprising levels marked since October 06.

Following that, the quote’s run-up to the previous monthly peak of $92.63 appears imminent. However, the RSI (14) approaches the overbought territory and might challenge the oil buyers around then.

If the energy benchmark remains firmer past $92.65, the odds of witnessing a rally towards August month’s high near $97.30 and then to the $100.00 psychological magnet can’t be ruled out.

Alternatively, pullback moves remain elusive unless the quote stays beyond the $84.70 level representing a convergence of the 200-SMA and a five-week-old ascending trend line.

In a case where WTI successfully breaks the $84.70 support confluence, October’s low of around $81.30 and the $80.00 round figure will gain the market’s attention.

WTI: Four-hour chart

Trend: Limited upside expected