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- WTI trades with a positive bias for the third straight day, close to a nearly two-week high.
- The US-Iran standoff fuels supply concerns and lends some support to the black liquid.
- The bullish technical setup supports prospects for a further near-term appreciating move.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts buyers for the third straight day and trades just below the $83.00 mark during the Asian session on Wednesday, close to a nearly two-week high set the previous day.
An advisor to Iran’s Supreme Leader Mojtaba Khamenei said on Tuesday that the Strait of Hormuz will not be opened until the US meets Tehran’s demands. Moreover, fresh strikes by Yemen’s Iran-backed Houthis on shipping in the Red Sea fuel concerns over supply disruptions in West Asia. This, in turn, acts as a tailwind for the commodity and underpins the case for a further near-term appreciating move.
From a technical perspective, WTI holds above the 38.2% Fibonacci retracement level of the July-August slide and maintains a near-term bullish bias. The Relative Strength Index (14) at 64.63 remains in positive territory without yet reaching overbought, and the Moving Average Convergence Divergence (MACD) indicator shows the line in positive territory, reinforcing that momentum remains constructive.
Hence, a subsequent move up towards the next relevant hurdle, defined by the 50% retracement at $82.93, looks like a distinct possibility. This is followed by the 61.8% level at $85.13, with further barriers at the 78.6% retracement at $88.27 and the prior cycle high at $92.26.
On the downside, a first layer of support emerges at the 38.2% Fibo. retracement at $80.73, ahead of the 23.6% level at $78.00, while the $73.60 swing low acts as a more distant structural floor if a deeper corrective pullback unfolds.
WTI 4-hour chart
