WTI Crude Consolidates Around $79.00, Above Key Technical Levels
West Texas Intermediate crude oil trades in a narrow range during Asian session, consolidating weekly gains near a one-month high, while holding above the 200-day EMA and 23.6% Fibonacci retracement level.
West Texas Intermediate (WTI) crude oil is oscillating in a tight band during Wednesday's Asian session, consolidating the weekly advance that pushed prices to a near one-month high the previous session.
The benchmark US crude is currently hovering around $79.00, maintaining a position above both the 200-day exponential moving average and the 23.6% Fibonacci retracement level. This technical setup suggests the market is taking a breather after the recent rally.
Traders are likely watching for further catalysts to determine whether the consolidation phase will lead to a breakout or a pullback. No fresh fundamental developments were cited in the report.
Source: FXStreet Forex News