- OPEC + left the agreement of 400,000 barrels per day unchanged, WTI up 3%.
- Western Texas Intermediate (WTI) posted a seven-year high at $ 78.20.
- From a technical perspective, the bullish bias remains.
At the beginning of the European session, oil prices were within a range of $ 75.31 and $ 76.00. However, an announcement from the Organization of the Petroleum Exporting Countries and its allies (OPEC +) leaves crude oil rise at 400,000 for November, pushing the WTI rally to a seven-year high, as the market expected a rise. higher. WTI is trading at $ 78.01, posting a 3.20% gain at the time of writing.
Market sentiment is pessimistic, with major US stocks losing between 1.16% and 2.42%, hit by rising energy prices, inflationary pressures and higher US bond yields. Meanwhile, the US Dollar Index (DXY), which generally tracks US 10-year Treasury yields, is down 0.30% to 93.78, versus a basket of six. rivals.
WTI Price Forecast: Technical Outlook
WTI’s $ 3 rally to a seven-year high left $ 77.00 as new support. Daily Moving Averages (DMA) remain well below price, supporting the bullish bias.
For buyers to sustain the rally, they would need a daily close above the latter. In case of that result, the first resistance would be $ 78.00. A breakout of that level would expose crucial supply levels, the October 4 high at $ 78.20, followed by $ 80.00.
On the other hand, the $ 77.00 bankruptcy could pave the way for further downward pressure. The first demand zone would be the September 28 high at $ 76.65. A decisive push below that level, the next WTI support levels would be the September 30 high at $ 76.04, followed by $ 75.00.
The Relative Strength Index (RSI) is at oversold levels at 71, sloping up, suggesting that upward pressure remains in place. However, RSI above 70 indicates that consolidation or a correction is close.
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