- Geopolitical risks keep WTI above key trendlines despite today’s pullback
- MACD and ADX still point to bullish momentum and trend
- Upper Bollinger band at 65.50 may represent key resistance
is ticking lower today after yesterday’s 2.5% rise, due to fears of rising tensions between the US and Iran. Notably, it has been trading above the 200-day moving average (SMA) at 62.50 in the last six days, remaining well above the prevailing descending trendline drawn from early August. Additionally, it continues to trade above the short-run ascending trendline drawn from the beginning of 2026.
Technical indicators still support bullish momentum and trend, as the MACD remains above its moving average signal line in strongly positive territory. Additionally, the ADX is soaring well above 30, with the DI+ line hovering above DI- line. Meanwhile, the RSI is attempting to flatline between the neutral level and the overbought area.
If the bulls continue to run, WTI oil could test the upper Bolliger band at 65.50. Even higher, it might attempt to reach 67.00 to face strong resistance as seen in September.
On the downside, if US-Iran tensions clearly ease, WTI oil could initially test the 200-day SMA at 62.50. Further down, it could find key support in the 60.00-61.00 area, which is technically busy with the 20- and 100-day SMAs and the 78.6% Fibonacci retracement of the April-June sizable rise. Even lower, it might get strong support at the 50-day SMA at 59.00.
To sum up, WTI oil continues to trade above the 200-day SMA and the prevailing descending trendline. With the technical indicators still pointing to bullish momentum and trend, WTI oil may attempt to climb near 65.50 to face key resistance.
