WTI Price Forecast: Bulls await acceptance above $90.00 and 61.8% Fibo. amid Iran risks
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades below the $90.00 mark during the Asian session on Friday and remains close to its highest level since July 24, touched earlier this week.
West Texas Intermediate (WTI) crude oil prices are hovering below $90.00, nearing their July high, amid heightened tensions between the United States and Iran. The geopolitical risk factor is influencing the market sentiment, with Iran reportedly striking US military bases in Kuwait and the UAE earlier in the week. Technical indicators suggest a bullish near-term outlook, with the price holding above the 50% Fibonacci retracement level and the 100-day Simple Moving Average.
Momentum indicators indicate a solid foundation after the recent advance, as evidenced by the Relative Strength Index and Moving Average Convergence Divergence. However, a break above the 61.8% Fibonacci retracement level of $92.01 is necessary for more substantial gains. Support levels are identified at the 50% retracement at $87.26 and the 100-day SMA near $85.17.
Should the price break lower, additional support can be found around $82.52 and $76.65, with further Fibonacci levels reinforcing the overall upward trend.
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