WTI looks to settle near 161.8% Fibonacci extension at $119.00

• WTI has settled above 138.2% Fibonacci extension at $103.30.
• The RSI (14) is oscillating in a range of 60.00-80.00, which adds to the upside filters.
• Bulls are now eyeing a kiss near 161.8% Fibonacci extension at $119.00.

West Texas Intermediate (WTI), futures on NYMEX, have witnessed a juggernaut rally in the last few trading sessions. The asset has been increased almost 18% this week.

On a weekly scale, the oil prices have recorded a ramp-up move towards north after piercing the trendline placed from March 12 high at $67.86 adjoining the July 09 high at $76.40 and October 29 high at $84.97 respectively. The WTI is holding above the 138.2% Fibonacci extension (placed from October 05, 2018 high at $76.80 to April 04, 2020 low at $8.46) at $103.30.

All short- to long-term weekly Exponential Moving Averages (EMA) are scaling higher, which indicates more upside ahead.

The Relative Strength Index (RSI) (14) is oscillating in a range of 60.00-80.00, which indicates a firmer bullish setup going forward.

For more upside, bulls need to surpass Wednesday’s high at $107.64, which will send the oil towards 150% and 161.8% Fibonacci extension at $110.97 and $119.03 respectively.

On the flip side, bears can dictate levels if the black gold slips below Tuesday’s value area high at $103.90 towards the 5-week EMA at $95.20. Slippage below the latter will push it lower to the 10-week EMA at $89.82.

WTI weekly chart