- WTI rises to new highs since October 2014.
- At the March rising trend line, an overbought RSI challenges the bulls.
- The convergence of the monthly support line, and the DMA of 10 restricts the immediate fall.
WTI bulls remain dominant, renewing seven-year highs during early Monday morning. That said, black gold is around $ 84.15, up 0.53% on the day, after hitting a new high since 2014 to $ 84.38 in the minutes before the start of the European session.
It should be noted, however, that a further rise remains doubtful as the RSI line looms over the region as oil prices flirt with an ascending resistance line from March, near $ 84.45-50.
In a case where WTI buyers manage to show a daily close beyond $ 84.50, the early 2010 levels near $ 87.50 may probe the advance towards the $ 90.00 psychological magnet.
During retracement moves, a confluence of the 10 DMA and an ascending trend line coming from the end of September, near $ 82.10, will be key to watch.
If the retracement extends below $ 82.10, it may also drop towards $ 82.00. Finally, the round figure of $ 80.00 and the July high near $ 76.40 will be in focus.
WTI: Gráfico diary
Trend: A pullback is expected
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