WTI Rallies to Ten-Week High
The price briefly climbed to the $84 level yesterday, having made strong gains on Monday.
After reaching a ten-week high, WTI briefly touched the $84 level before retracing from the session highs. Despite this pullback, the overall sentiment remains bullish. The recent gains followed a period of consolidation in June and are supported by WTI trading above the 50-, 100- and 200-day Simple Moving Averages (SMAs).
Technical Analysis
The price action points towards a bullish outlook, with a potential short-term target of a close above $84.00. This could further strengthen the bullish sentiment, potentially setting WTI on a path towards the April high around $88.00.
It is important to note that external factors, such as geopolitical tensions or supply and demand dynamics, can also influence the price of WTI. Keeping an eye on these developments can provide additional insight into the future movements of WTI.
