- WTI is recovering from daily lows and is targeting resistance from the September 18 high at $ 41.72.
- Technical indicators on the daily chart favor a breakout above the key hurdle.
Prices for the West Texas Intermediate (WTI), North America’s benchmark oil index, is currently trading at $ 41.48, up 0.43% on the day.
Black gold has rebounded from the daily low of $ 41.12 and is rapidly approaching resistance at $ 41.72 (September 18 high).
While the bulls failed to settle above that level on Monday, they ended up forging a bullish outer candle pattern on the daily chart. That, coupled with the figure above 50 or bullish on the 14-day RSI and the positive value on the MACD histogram, suggests that there is room for a breakout above $ 41.72. That would expose the 2020 high of $ 43.78 reached on August 26.
A bearish turn would be confirmed if the resistance at $ 41.72 holds and prices fall back below Tuesday’s low of $ 40.46.
WTI gráfico diary
Credits: Forex Street
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