WTI Price Forecast: Bulls retain near two-week top, above $84.00 and 38.2% Fibo.

West Texas Intermediate (WTI) crude oil prices are currently trading in a bullish consolidation phase, hovering around the $84.20 mark. The ongoing US-Iran tension over the Strait of Hormuz continues to bolster the demand for WTI due to the geopolitical risk premium. From a technical standpoint, WTI shows a bullish bias above the 38.2% Fibonacci retracement level from the July-August decline.

Momentum indicators remain supportive, suggesting further appreciation in the near term. However, the key hurdle for bulls is the $86.65-$86.70 confluence area, which includes the 100-day Simple Moving Average (SMA) and a downward trend line. The 50.0% Fibonacci level at $87.23 is another significant barrier that needs to be breached for a stronger upward move.

On the downside, support can be found at the 38.2% Fibonacci level at $82.53 and the 23.6% retracement at $76.72. A drop below these levels could expose the monthly support zone near the mid-$73.00s, potentially leading to a test of sub-$70.00 levels.