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WTI Price Analysis: Justifies bullish RSI divergence, $92.30 in focus

  • WTI holds onto the prior days recovery moves, grinds higher around daily top.
  • Successful break of 100-SMA, bullish MACD divergence keep buyers hopeful.
  • Two-month-old resistance line, 200-SMA restrict immediate upside.
  • 12-day-old support line increases the downside filters.

WTI crude oil buyers defend the $91.00 breakout heading into Tuesdays European session. In doing this, the black gold justifies the prior days upside break of the 100-SMA, and also the bullish MACD signals.

Additionally, the low on top of prices joins the bigger on top of the RSI (14) to portray the hidden bullish divergence of the commodity.

Consequently, the quote aims for the downward sloping resistance line from late July, around $92.30.

However, the power benchmarks further upside depends on how well the buyers can cross the 200-SMA hurdle surrounding $93.65.

Following that, a slow grind towards the monthly most of $95.90 and to the $100.00 threshold cant be eliminated.

On the other hand, pullback moves remain elusive before quote remains above the descending resistance line from July 29, around $89.10. Having said that, the 100-SMA level near $90.45 restricts the immediate downside of the black gold.

It ought to be noted that the WTI crude oils weakness past $89.10 will make it susceptible to refresh the six-month low, which highlights the two-week-old support line, at $84.70 by the press time.

WTI: Four-hour chart

Trend: Limited upside expected

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