WTI Price Forecast: Slides further below $100.50; bullish potential seems intact
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – builds on the weekly bearish gap-down opening, retreating further from a five-month high touched on Friday.
West Texas Intermediate (WTI) crude oil prices continue to decline, falling beneath $100.50 during the Asian trading session. Despite a bearish opening, geopolitical tensions appear to be mitigating downside risks, with US President Donald Trump indicating a potential shift in Iran policy. Meanwhile, the technical outlook for WTI remains positive, with the asset demonstrating a bullish bias above the 50-period Simple Moving Average (SMA) and a mildly positive Moving Average Convergence Divergence (MACD) indicator.
The Relative Strength Index (RSI) is near 55, suggesting continued upside momentum. Should the price retreat, support could be found at the $99.30 level, followed by the 50-period SMA and the 38.2% Fibonacci retracement at $96.84. Conversely, a break above the $103.29 Fibonacci anchor would enable a further extension of the bullish trend.
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