4 September WTI Oil Price Technical Analysis: WTI rallys nearly 2%


Having witnessed a phase of bullish consolidation almost throughout the Asian trades, WTI (oil futures on NYMEX) broke to the upside and rallied nearly 2% to hit the highest levels since early July at $ 71.12. Where do the technical setup point? Find out with this 4 September WTI Oil Price Technical Analysis.

4 September, OctaFX WTI oil has witnessed an upside break of the falling channel, signaling the pullback from the Aug. 30 high of $70.47 has ended and the bulls could attack the rising trendline resistance, currently located at $70.38. 

The 14-hour relative strength index (RSI) is also trending north in favor of the bulls.

WTI Oil Price Technical Analysis

Only if the bears manage to pull off a break below $69.50 (Sep. 3 low support on the hourly chart) is a deeper sell-off likely. Moreover, it would mean the rally from the Aug. 21 low of $65.29 has made a temporary high of $70.47 has the bears have taken over.

Hourly Chart

Current Price: $70.14

Daily High: $70.16

Daily Low: $69.97

Trend: Mildly bullish

Resistance

R1: $70.38 (trendline hurdle)

R2: $71.63 (July 13 high hurdle on the 4-hour chart)

R3: $72.88 (May 22 high)

Support

S1: $69.97 (session low)

S2: $69.51 (Sep. 3 low support on the hourly chart)

S3: $69.00 (psychological support)

Disclaimer

This article about 4 September WTI Oil Price Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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