WTI Crude Oil Surges Above $84.00 as Bulls Take the Stage
WTI Crude Oil prices have been rising, breaking above the $84.00 zone and reaching new heights. The price settled above several key levels on its 4-hour chart, including the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). This move is seen as a bullish trend line forming with support at $83.50.
The recent increase has also pushed Oil prices above the 50% Fib retracement level of the downward move from the $93.90 swing high to the $74.42 low. However, there are potential resistance levels ahead, including $86.50 and the 61.8% Fib retracement level, followed by a possible next target at $87.80.
On the flip side, if Oil prices do experience a pullback, support could be found at $84.00, with major support levels near $83.50, $82.20, and $81.20. A close below $81.20 may even send the price toward $80.00 and the 200 simple moving average (green, 4-hour).