WTI Price Forecast: Looks to build on gains beyond $100 on fading de-escalation hopes
West Texas Intermediate (WTI) Crude Oil prices caught aggressive bids on Thursday and rallied closer to the 100.00 psychological mark during the Asian session following US President Donald Trump's Iran war update.
Addressing the nation, Trump said that Iran will be hit extremely hard over the next two to three weeks and will be brought to the Stone Age if no deal is reached. Trump further added that Iranian energy infrastructure remains a possible target, which, in turn, is seen as a key factor behind the sharp intraday rise in Crude Oil prices.
From a technical perspective, the black liquid once again showed resilience near the 100-period Exponential Moving Average (SMA) on the 4-hour chart. The subsequent move up beyond the $100.00/barrier mark will be seen as a fresh trigger for bullish traders and pave the way for a further appreciating move for Crude Oil prices.
Meanwhile, the momentum has weakened as the Moving Average Convergence Divergence (MACD) indicator crosses below the signal line and slips under the zero line, while its negative histogram expands, signaling strengthening downside pressure after an extended advance. Moreover, the Relative Strength Index holds around 58, off prior overbought readings, which aligns with a normalization of momentum rather than outright capitulation.
In the meantime, immediate resistance emerges at $100.80, the latest reaction high before the current pullback, followed by the $102.70 peak that guards the recent top near $103. Above this, a break would open the way toward the $105.00 psychological area. That said, the failure to sustain above the recent $102–103 area might shift the bias in favor of bearish traders and drag Crude Oil prices to the $98.50 support, where recent lows align with the short-term consolidation base.
This is followed by $96.50 as the next bearish target. A deeper slide toward $94.50 would bring Crude Oil prices closer to the 100-period EMA on the 4-hour chart around $92.50, where buyers would be expected to defend the broader uptrend.
(The technical analysis of this story was written with the help of an AI tool.)
WTI 4-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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