WTI Crude Oil Stalls at Channel Top
WTI crude oil has been on an upward trajectory inside an ascending channel since late August. The commodity recently pushed up to test the channel top around $93.22 per barrel, but price has stalled at this ceiling over the past few sessions.
This suggests that a pullback could be in store before buyers attempt another push higher. If resistance holds, WTI could retreat back toward the mid-channel area, where potential support levels are marked by Fibonacci retracement tools.
The 38.2% Fib sits at $88.01, followed by the 50% level at $86.40, while a deeper correction could reach the 61.8% Fib at $84.79. This is close to where the channel's rising trend line and the 100 SMA converge.
The 100 SMA remains above the 200 SMA, confirming that the path of least resistance is still to the upside. Price continues to hold above both moving averages, keeping them in play as dynamic support on any dips.