WTI Price Forecast: Struggles near $82.00, 200-hour holds the key for bulls amid Iran war
West Texas Intermediate (WTI) Crude Oil prices struggle to build on the overnight bounce from sub-$76.00 levels, or the weekly low, and meet with a fresh supply during the Asian session on Wednesday. The commodity currently trades just below the $82.00 mark, down nearly 4% for the day.
From a technical perspective, the black liquid stalled its sharp retracement slide from the highest level since June 2022, touched earlier this week, near the 200-hour Simple Moving Average (SMA) on Tuesday. The lack of follow-through buying, however, warrants some caution for bullish traders despite concerns about prolonged disruptions to oil supplies due to the closure of the Strait of Hormuz.
The Moving Average Convergence Divergence (MACD) histogram has contracted after a positive spell, and the line now flattens just above zero, hinting at fading upside momentum rather than strong selling pressure. The Relative Strength Index (RSI) at 42 stays below the 50 line, aligning with this corrective tone while avoiding oversold conditions. This suggests that the near-term bias is mildly bearish.
Crude Oil prices, however, still hold above the rising 200-SMA near $78.00 that anchors a broader uptrend context. Meanwhile, initial support emerges at $82.00, guarding the recent lows ahead of stronger backing at $81.00, where a break would expose the next downside level at $79.00.
On the topside, immediate resistance stands at $83.50, with a recovery above this area needed to ease bearish pressure and open the way toward $85.00, followed by the recent peak in the $88.00 region. The rising 200-period SMA beneath price reinforces the $81.00–$79.00 band as a key medium-term support zone should the current pullback extend.
(The technical analysis of this story was written with the help of an AI tool.)
WTI 1-hour chart
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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