West Texas Intermediate (WTI) oil price declines after two days of gains, trading around $82.20 during the European hours on Friday.
The technical analysis of the daily chart indicates that the spot is remaining within the ascending channel, suggesting that the primary trend is upward
WTI holds a constructive near-term bias as it remains above the 50-day Exponential Moving Average (EMA). Price has slipped back under the nine-day EMA, hinting at a pause within the broader recovery, while the 14-day Relative Strength Index (RSI) around 51 suggests neutral momentum after easing from prior overbought territory. The immediate resistance lies at the nine-day EMA of $82.75.
A rebound above the short-term moving average would strengthen the bullish bias and support the WTI price to target the upper boundary of the ascending channel around $90.40, followed by the nearly three-month high of $92.25, reached on July 23. On the downside, the immediate support lies at the 50-day EMA of $81.69, followed by the lower boundary of the ascending channel around $80.80. A sustained break below this confluence support zone would cause the bearish bias and put downward pressure on the WTI price to navigate the region around the seven-week low of $72.53, followed by the six-month low of $67.09, which was recorded on July 2.