WTI Price Analysis: Steps back from seven-month-old resistance towards $90.00
- WTI retreats from eight-year high, consolidates the biggest weekly jump in a month.
- Overbought RSI favor pullback from multi-day-old resistance line.
- 10-DMA, five-week-old support line restricts short-term declines.
- September 2014 peak could lure buyers past nearby resistance.
WTI crude oil prices pare recent gains around the highest level since October 2014, down 0.55% intraday around $90.50 during Monday’s Asian session.
In doing so, the black gold steps back from an ascending resistance line from July 2021 amid overbought RSI conditions, which in turn suggests further weakness.
However, the 10-DMA and a five-week-old support line, respectively around $87.75 and $86.60, challenge the short-term oil sellers. On the same line is the 21-DMA level surrounding $85.25.
It’s worth observing that WTI sellers need caution until the quote drops below October 2021 high of near $85.00.
Meanwhile, further upside may aim for the stated resistance line near $92.00 ahead of challenging October 2014 high surrounding $93.00.
Should oil buyers keep reins past $93.00, tops marked during August and September of 2014, near $95-96, can challenge the upside momentum before the $100 threshold.
WTI: Daily chart
Trend: Pullback expected