WTI Price Forecast: Eyes $93.00 as bulls retain control above 200-SMA support on H4
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts fresh buyers following the previous day's good two-way price swings and climbs to the $93.00 neighborhood during the Asian session on Tuesday.
WTI, the benchmark US Crude Oil price, has been experiencing an upward trend, reaching the $93.00 range during the Asian session on Tuesday. This increase is attributed to fresh buying activity following the previous day's volatility. However, the commodity remains within a range as traders await further developments concerning the Middle East crisis, which has been accompanied by mixed signals.
President Donald Trump has been a key player in this situation, rejecting Iran's peace proposal to end their conflict and reopen the Strait of Hormuz. Trump also denied Axios' report that he offered Iran sanctions relief in exchange for concrete steps on the nuclear program. Despite this geopolitical uncertainty, the technical outlook for WTI remains bullish.
The price is currently above the 200-period Simple Moving Average (SMA) on the 4-hour chart, and it has reclaimed the 38.2% Fibonacci retracement level. Additionally, momentum indicators such as the Relative Strength Index (14) and the Moving Average Convergence Divergence (MACD) support this positive sentiment. Immediate resistance can be found at the 23.6% Fibonacci retracement near $95.31, with a potential break signaling a more extended bullish run.
Conversely, support is anchored at the 38.2% retracement at $91.15, below the 200-period SMA at $89.69 and the 50.0% Fibonacci level at $87.79.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
