- WTI starts the new trading week on a higher note.
- Bulls find it difficult to break the $72.00 mark.
- Prices swing in between the $71and $72 price band.
West Texas Crude Oil (WTI) prints substantial gains in the European session. The prices opened lower, however, traveled to the intraday high of $71.95 and reversed back to the lower level.
At the time of writing, WTI is trading at $71.46, up 0.57% for the day.
WTI daily chart
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On the daily chart, WTI has been under selling pressure, after touching the YTD high of $72.74 on the account of profit taking.
The prices found support near the 23.6% Fibonacci retracement, which extends from the lows of $61.52, at $69.94.
If WTI sustains above the 0.71.50 key psychological mark, then it could see further upside toward the June 17 high in the vicinity of the $72.10 area followed by the high of June 16 formed at $72.74.
The Relative Strength Index (RSI) indicator holds above 50, which indicates an underlying bullish tone in the prices.
Next, the WTI bulls could target September 2018 high at $73.65.
On the flip side, if prices break the intraday low, then it could further slide toward the above mentioned 23.6% Fibonacci retracement.
The next area of support would be located at the $69.00 horizontal support level followed by the June 10 low at $68.55.
WTI additional levels
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