WTI Price Analysis: Upside needs daily close above $80.50

• WTI prints gain following two days of consolidation on Thursday.
• Bulls require to break decisively above $80.50 to hold more gains.
• The momentum oscillator holds onto the overbought zone with stretched buying conditions.

WTI prices continue to consolidate gain on Thursday in the European session. The supply-chain bottlenecks underpin the demand for crude oil. At the time of writing, WTI is trading at $80.51, up 0.60% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after crossing the 21-day Simple Moving Average (SMA) at $67.62 since August 27. After testing the seven-year high at around $80.00, WTI looks exhaustive near these levels. To continue upside, the price has to give a daily close above Monday’s high of 81.28. WTI bulls now keep their eye on October 2014 high at $92.96.

Alternatively, if the prices move lower, they would look out for the $79.10 and the $76.60 horizontal support levels respectively, and then march 21-day SMA at $75.70.

WTI additional levels