WTI Crude Oil Price Tries Trend Line as Uptrend Faces Correction

WTI crude oil has been on an upward trend since mid-August, reaching as high as $87.65 before pulling back.

The recent correction has brought the price to test a rising trend line that connects the higher lows since the rally began, which could determine whether the climb has more room to run.

A deeper look at the Fibonacci retracement tool shows potential levels for dip-buyers to return. The 38.2% level is $86.01, while the 50% retracement sits at $85.50, close to the current price near $85.69.

Additionally, the 100 SMA remains above the 200 SMA, confirming that the path of least resistance is still to the upside, and price is holding above both moving averages, which could act as dynamic support if the correction extends further.