WTI Price Forecast: Looks to reclaim $93.00 after defending 38.2% Fibo. support
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some buyers during the Asian session on Tuesday, snapping a four-day losing streak to sub-$91.00 levels, or a nearly two-week low touched the previous day.
WTI Crude Oil prices have shown a slight recovery, trading just below the $93.00 mark after a four-day losing streak. The price surge is attributed to geopolitical factors, specifically Iran's threat to alter the geography of the Middle East conflict if the US escalates tensions. Technical indicators, however, suggest that the recent pullback is more of a consolidation phase within an uptrend, with the Relative Strength Index (RSI) near neutral and Moving Average Convergence Divergence (MACD) turning negative.
The bullish bias remains strong as long as prices stay above the 100-day simple moving average ($85.05) and the Fibonacci support band between $84.27 and $90.96. Should prices break below the 38.2% Fibonacci level ($90.96), it could expose further support levels, such as the 50.0% retracement at $87.61 and the deeper 61.8% level at $84.27.
On the upside, immediate resistance lies at the 23.6% retracement at $95.10, with a potential break exposing higher territory near $101.79.
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