WTI Price Forecast: Retreats from seven-month top, still well bid near $71.00 mark
West Texas Intermediate (WTI) US Crude Oil prices trim a part of strong intraday gains to levels beyond the $73.00 mark, or the highest since June 2025, touched this Monday in reaction to a dramatic escalation of geopolitical tensions in the Middle East. The black liquid currently trades around the $71.00 mark, still up over 5.50% for the day.
The near-term bias turns bullish following the recent rebound from the rising 100-period Simple Moving Average (SMA) on the 4-hour chart and a breakout above the $69.00 mark. Moreover, the Moving Average Convergence Divergence (MACD) line stands above its signal and above the zero line, with a widening positive histogram, which reinforces the strengthening bullish tone.
Meanwhile, the Relative Strength Index (RSI) at 70.94 approaches overbought territory, showing strong upside momentum after breaking above the 60 area. Immediate resistance emerges at the recent spike high around $71.80, where the latest rally stalled, and intraday overbought readings intensified. A clear break above this level would open the door to further gains toward the mid-$70s, while failure here would encourage a corrective phase.
On the flip side, initial support now stands at the psychological $70.00 handle, followed by yesterday’s open near $70.50 acting as an intermediate floor on pullbacks. Below that, stronger support aligns toward $67.00, where the prior consolidation area sits well above the 100-period SMA, preserving the broader upward bias as long as it holds.
(The technical analysis of this story was written with the help of an AI tool.)
WTI 4-hour chart
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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