WTI Price Forecast: Retains bullish bias above mid-$98.00s and 61.8% Fibo.

West Texas Intermediate (WTI) crude oil prices start the week on an optimistic note, bouncing back from a slight dip after reaching a May high. The price currently sits just above the mid-$98.00 range, having risen by over 2% in a single day. Geopolitical tensions in the Middle East, notably the recent drone and missile attack on a Saudi military base by Iran-backed Houthi fighters, and the postponement of a regional Iran-Gulf states meeting, have contributed to supply concerns and bolstered the near-term bullish outlook for crude oil prices.

WTI is currently above the 100-day Simple Moving Average ($85.38) and has broken through the 61.8% Fibonacci retracement level ($95.48). The Moving Average Convergence Divergence (MACD) remains positive, and the Relative Strength Index (RSI) sits near 69, indicating strong upside momentum that is becoming more stretched. The next resistance is expected at the 78.6% Fibonacci retracement level ($103.23) and then the cycle high near $113.11.

Key support levels include the 61.8% retracement ($95.48), the broader demand band around the 50% retracement ($90.04) and the 100-day SMA ($85.38). Below these, support levels are found at $84.59, $77.86, and the structural low at $66.97.