WTI Price Forecast: Buyers defend 21-day SMA as bullish bias holds
West Texas Intermediate (WTI) Oil trades modestly higher on Tuesday after two-way price swings, as headlines from the Middle East keep energy markets volatile. At the time of writing, WTI trades around $82.13, up more than 7% so far this week.
WTI Oil prices have shown moderate gains on Tuesday, driven by a bullish technical picture and geopolitical factors. At the time of reporting, WTI was trading at $82.13, up over 7% this week. Initial volatility was sparked by reports of Iran-Oman talks nearing an advanced stage regarding the Strait of Hormuz, though shipping through the waterway seems improbable in the near term due to Iran's conditions for reopening.
The 21-day Simple Moving Average (SMA) at $81.33 serves as immediate support, with the 50-day SMA at $78.79 offering additional support. If WTI breaks above the 100-day SMA at $86.82, further upside potential could materialize. Technical indicators like the RSI and MACD suggest neutral to slightly bullish momentum, with no signs of entrenched selling pressure.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
