Oil prices rise for a second day as buyers maintain control above key moving averages, signaling sustained bullish sentiment.
West Texas Intermediate crude trades around $98.20 in Asian hours, extending gains for a second consecutive session. The asset remains within an ascending triangle pattern, reinforcing an upward primary trend as buyers enter at higher levels during pullbacks.
WTI holds above both the nine-day and 50-day Exponential Moving Averages, indicating a supportive trend structure. The 14-day Relative Strength Index at 53.78 suggests further upside potential without immediate overbought conditions. Key resistance lies at $107.50, the upper boundary of the triangle, with a breakout targeting $113.28.
Downside support is seen at the nine-day EMA of $97.06, with a breach potentially testing $92.40 and the 50-day EMA at $91.12. Further declines could expose the May 6 low of $86.92.