WTI Oil Price Dips Below Nine-Day EMA
West Texas Intermediate (WTI) oil price has declined to near $82.00 after breaking below its nine-day Exponential Moving Average (EMA), according to technical analysis of the daily chart.
The WTI remains within an ascending channel, suggesting that the primary trend is upward. However, a pause in the broader recovery is hinted at by the price slipping back under the nine-day EMA.
Despite this, the near-term bias remains constructive as the spot remains above the 50-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) is around 51, indicating neutral momentum after easing from prior overbought territory.
The immediate resistance lies at the nine-day EMA of $82.75, while the 50-day EMA stands at $81.69 as the immediate support.