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WTI Price Climbs above $74.00; bearish bias intact below 23.6% Fibo./200-EMA
- WTI attracts fresh buyers at the start of a new week amid escalating US-Iran tensions.
- The technical setup warrants some caution before positioning for a further move up.
- A move beyond the 23.6% Fibo. and the 200-day SMA will negate the negative bias.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – builds on its modest bullish gap opening and climbs above the $74.00 mark during the Asian session on Monday. A further escalation of tensions between the US and Iran, along with the closure of the Strait of Hormuz, adds a layer of uncertainty in the energy market, providing a goodish lift to the black liquid.
From a technical perspective, the commodity retains a bearish near-term bias below the 200-day Exponential Moving Average (EMA) and the 23.6% Fibonacci retracement level of the April-July downfall. Meanwhile, the Moving Average Convergence Divergence (MACD) has turned positive, hinting at some rebuilding upside momentum. However, the Relative Strength Index (RSI) around 47 remains below the midline, suggesting that rebounds are still occurring within a broader capped structure rather than a confirmed trend reversal.
Hence, any subsequent move higher might continue to face resistance at the 23.6% Fibo. level near $76.58, ahead of the 200-day EMA at $77.19. This forms the first critical supply band bulls would need to reclaim to ease downside pressure. Further up, resistance is seen at the 38.2% retracement around $82.45, followed by the 50% level near $87.20 and the 61.8% retracement close to $91.95, with higher barriers at $98.71. On the downside, the main structural support sits at the prior swing low around $67.08, where a break would reopen the broader bearish leg.
WTI daily chart
