West Texas Intermediate (WTI) crude oil extended its gains for the second consecutive day, trading around $98.20 during Asian hours on Friday, as a bullish bias prevailed in the market [1]. Technical analysis of the daily chart indicates that WTI remains within an ascending triangle pattern, suggesting that the primary trend is upward and buyers are stepping in at higher price points with each dip [1]. The price is currently holding above both the short-term nine-day Exponential Moving Average (EMA) and the medium-term 50-day EMA, reinforcing a supportive trend structure [1]. The 14-day Relative Strength Index (RSI) is at 53.78, which is considered neutral and indicates that there is still upside potential without immediate overbought pressure [1].
Key resistance levels are identified at the upper boundary of the ascending triangle around $107.50, with a potential move above this level opening the way for a test of $113.28, the highest price since June 2022 [1]. On the downside, immediate support is at the nine-day EMA of $97.06, with further support at the lower boundary of the ascending triangle at $92.40 and the 50-day EMA at $91.12. A break below these levels could expose WTI to a nearly monthly low of $86.92, recorded on May 6 [1].
The article notes that the constructive bullish bias is supported by technical factors, but does not mention any specific market reactions or analyst opinions beyond the technical outlook [1]. No forward-looking statements from analysts or market participants are provided, and there is no mention of ticker symbols in the article [1].
CONCLUSION
WTI crude oil is exhibiting a bullish technical structure, trading above key moving averages and approaching significant resistance levels. While the technical outlook remains positive, no explicit market reactions or analyst forecasts are provided in the article. The market takeaway is a continued constructive bias for WTI, with key levels to watch on both the upside and downside.