West Texas Intermediate (WTI), the benchmark for New York-traded crude oil, fell on the back foot on Thursday as investors took profits after two days of gains run in front of the October 2021 highs around $83.50-90.
Hitting the news wires, Chicago U.S. Federal Reserve President Charles Evans said the U.S. Federal Reserve might need to raise rates four times in 2022 if inflation doesn’t improve quickly enough.
Based on the technical aspect, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator is positive; however, it has buckled near the overbought zone, while the Moving Average Convergence Divergence (MACD) is positive, and the ADX is trending bullish.
At present, the topside target holds at the October 2021 highs around $83.50-90.
Reassess from there, as a bearish response is expected.
Little support is considered until $77.80-90, with $75.30-55 located beneath.