WTI is showing no signs of slowing down and is on track to retrace its 2018 highs.
The price action is still in the hands of the bulls.
The momentum oscillator is still comfortably in the oversold zone, with no signs of a reversal in sight.
During Tuesday’s Asian trading hours, West Texas Crude Oil (WTI) remained unstoppable. In today’s session, the pair continued its upward trend from the previous day and hit a new YTD high.
WTI is trading at $76.15 at the time of writing, up 0.67 percent on the day.
WTI has been steadily rising since November 2020, when it hit a low of $33.84, and reached a new yearly high of $76.19 in today’s session.
If WTI maintains its upward momentum, it could easily break through the 2018 high of $76.80 as the first target.
With positive momentum, the Moving Average Convergence Divergence (MACD) indicator is trading in the overbought zone.
The bulls in WTI would then surge to levels last seen in November 2014. The 77.02 level will be reached if the daily close is above $76.00.
Alternatively, if prices fall, they may retrace down to the intraday low of $75.58, then to the $74.90 horizontal support level.
The bears will then try to test the ascending trendline at $73.20, which runs from the low of $65.17./n
