Categories: Markets

The rally needs a daily close above $ 80.50

The rally needs a daily close above $ 80.50
  • WTI moves higher on Thursday after two days of consolidation.
  • The bulls need to decisively break above $ 80.50 to look for additional gains.
  • The momentum oscillator is clinging to the overbought zone.

WTI prices continue to consolidate their gains on Thursday during the European session. Bottlenecks in supply chains sustain demand for crude. At the time of writing, WTI is up more than 1% on the day and looking to extend recent gains above the $ 80.80 level.

WTI gráfico diary

On the daily chart, the WTI has been in the continuous uptrend after crossing the 21-day SMA at $ 67.62 since August 27.

After testing the seven-year high around $ 80.00, WTI appears limited near these levels. To continue higher, the price has to reach a daily close above $ 80.50 to test Monday’s high of $ 81.28. The WTI bulls will keep their eyes on the October 2014 highs at $ 92.96.

On the other hand, if prices move lower, they could target the horizontal support levels of $ 79.10 and $ 76.60, and then head to the 21 SMA at $ 75.70.

WTI additional levels

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