WTI Crude Oil Sees Positive Technical Setup at $85.40

The price of WTI crude oil is showing a positive technical setup after reclaiming its moving average near $82.96, according to XS.com.

This development has reinforced the view that the short-term trend remains tilted to the upside, with the current price trading around $85.40 and approaching a key resistance zone between $86 and $88.

The technical indicators point to an increase in buying momentum, but also suggest a higher probability of short-term volatility or a pullback as WTI approaches the $88 resistance level.

If WTI breaks above $88 and holds firmly above it on a closing basis, it could potentially open the door to $90 as a key technical and psychological target.