For the second time this month, WTI crude oil was turned down from the $84.40 region, despite the fact that it has been rising since late June. The resistance zone's proximity to the R1 Pivot Point line didn't help.
Has the commodity's ascent ended? Or are the bulls simply pausing for a rest?
WTI is currently trading at $82.25, which is in close proximity to the 100 SMA, the S1 ($81.66) Pivot Point line, and a prior area of interest.
A few strong bullish candlesticks or consistent trading over $82.25 positions WTI prices for a possible retest of the prior highs of $84.40. Furthermore, we can witness new monthly highs for the asset in the next days if the fundamentals shift against the US dollar or in favor of taking more risks.
However, a bearish breakout is possible if there is persistent trading below the 4-hour trend line or the S1 Pivot Point support.
Should WTI attract sufficient bearish demand, it may move into the S2 ($80.03) Pivot Point region, if not the $79.50 levels in proximity to the 200 SMA.
