WTI Price Drops Near $82 After Breaking Below Key EMA
The West Texas Intermediate (WTI) oil price has fallen to near $82.00 after breaking below its nine-day Exponential Moving Average (EMA). According to technical analysis, the WTI price could rebound towards the immediate barrier at $82.75, which is the current level of the nine-day EMA.
The 14-day Relative Strength Index (RSI) indicates neutral momentum as overbought conditions cool down. The RSI value of 51 signals a pause in the broader recovery and suggests that the WTI price may find immediate support at the 50-day EMA of $81.69.
The technical analysis of the daily chart shows that the spot is remaining within an ascending channel, indicating an upward primary trend. The WTI holds a constructive near-term bias as it remains above the 50-day EMA.