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The WTI Crude Oil market is in an interesting spot on the charts, hitting a 10-month high in Wednesday’s session. This strong performance comes after repeatedly testing and holding the $66-67 support level, resulting in an impressive climb of over 30% since the beginning of July.
Having broken through a significant resistance level around $82 that had been tested 7 times since December 2022, the price now faces a couple of technical hurdles ahead. Currently hovering just below $89 at a first resistance challenge, it’s a potential pit stop where we might see a temporary pause or even a reversal if the momentum takes a breather.
Should the momentum continue, the path to a critical resistance level at around $93 becomes relatively clear. This level proved resilient in two prior attempts to breach it back in October and November 2022, making it a level to keep an eye on for traders.
Taking a look at the daily Relative Strength Index (RSI), it’s currently in overbought territory, suggesting there could be room for a cool off. There is potential for a retracement back to the $81-82 level, where we’ll be watching to see if that resistance zone flips to support. Alternatively, if the current momentum continues, the initial resistance level may fail, giving some clean air to run up to the $93 zone.
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