WTI Price Analysis: Upside recovery faces resistance around multi-month highs near $75.00

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  • WTI continues to rally following the previous week’s upside momentum.
  • Bulls face resistance near the  multi-top formation around $75.00.
  • Momentum oscillator holds onto the overbought zone with underlying bullish sentiment.

WTI prices are in no mood to slow down its previous week’s momentum on the first trading day in the initial European trading hours. The supply-chain bottlenecks underpin the demand for crude oil. At the time of writing, WTI is trading at $74.87, up 1.38% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after testing the low of $61.79 on August 20. The prices are now facing some pressure near the multiple top formations around $75.00, which makes it a crucial level to trade.

If WTI sustains above the intraday high it would retest the all-time high of $76.40.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could fuel the upside rally toward the $80.00 mark in the coming few sessions.

Alternatively, if prices move lower, it would look out for  $73.09 as the first downside target and then march toward the low made on Thursday at $71.54.

Next, the bears would attempt to meet the $70.95 horizontal support level.

WTI additional levels