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.
Current Price: $70.14
Daily High: $70.16
Daily Low: $69.97
Trend: Mildly bullish
R1: $70.38 (trendline hurdle)
R2: $71.63 (July 13 high hurdle on the 4-hour chart)
R3: $72.88 (May 22 high)
S1: $69.97 (session low)
S2: $69.51 (Sep. 3 low support on the hourly chart)
S3: $69.00 (psychological support)
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