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WTI Price Analysis: WTI Rises Near $83.00 on Supply Tight Fears

  • WTI rose near the $82.90 zone, establishing a three-day winning streak.
  • A stronger dollar and the fragile Chinese situation could limit gains.

He West Texas Intermediate (WTI) it rose on Wednesday and threatened the resistance at $83.00.

What is driving the price up is the approach of Hurricane Idalia to the Gulf of Mexico, where the US concentrates 15% of its oil production, and fears of a supply crunch are driving up crude prices. In addition, the publication on Tuesday of lower-than-expected US crude reserves and the continued maneuvering by OPEC+ to extend its voluntary production cuts also contribute to the rise.

Elsewhere, China reported weak economic data during the Asian session, with the Non-Manufacturing PMI dipping to 51.00, versus 51.1 expected, and weak Chinese prospects could cap Black Gold gains. Furthermore, the dollar is trading strongly against most of its rivals, which could also put a damper on WTI bulls.

WTI levels to watch

Analyzing the daily chart, it is observed that the WTI has a technical position between neutral and bullish, with the bulls gradually recovering ground. The Relative Strength Index (RSI) shows a positive slope above its midline, while the Moving Average Convergence (MACD) shows decreasing red bars. Furthermore, the pair is above the 20,100,200-day simple moving average (SMA), which implies that the bulls are in control on a larger scale.

Support levels: $81.25, $80.00, $78.50.

Resistance levels: $83.00, $83.50, $84.50.

WTI Daily Chart


Last price today 82.76
daily change today 1.28
today’s daily variation 1.57
today’s daily opening 81.48
daily SMA20 80.91
daily SMA50 77.14
daily SMA100 75.1
daily SMA200 75.97
previous daily high 81.82
previous daily low 80.68
Previous Weekly High 81.68
previous weekly low 77.53
Previous Monthly High 81.78
Previous monthly minimum 69.77
Fibonacci daily 38.2 81.38
Fibonacci 61.8% daily 81.11
Daily Pivot Point S1 80.83
Daily Pivot Point S2 80.19
Daily Pivot Point S3 79.7
Daily Pivot Point R1 81.97
Daily Pivot Point R2 82.46
Daily Pivot Point R3 83.11

Source: Fx Street

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