West Texas Intermediate (WTI), futures on NYMEX, consolidate in a tight range of $85-86 as investors keenly watch for US President Joe Biden’s visit t
WTI trades in a narrow range around $86.00 ahead of US Biden’s visit to Israel. The broader outlook of the oil price is bullish as risks of potential intervention from other Middle East players are persistent. WTI aims to shift above the 50% Fibo retracement at $85.77.
The 20-period Exponential Moving Average is at $85.10 supporting the oil price bulls. The Relative Strength Index has delivered a range shift move from a bearish to a bullish trajectory. The broader range for the momentum oscillator is expected to be 40.00-80.00 ahead. A fresh upside would appear if the oil price breaks above October 16 high at $87.00, which would drive the asset toward September 26 low at $87.74, followed by the psychological resistance at $90.00.
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