Bears continue to weigh on West Texas Intermediate (WTI), limiting any short-term rebound
West Texas Intermediate (WTI) closed the New York session with mixed results, reflecting investor concerns over geopolitical risks in the Middle East.
Attention is back on inflation, with upcoming releases of first-quarter U.S. GDP data on Thursday and the core Personal Consumption Expenditures (PCE) price index on Friday.
Federal Reserve officials have signalled a potential need to maintain high interest rates to address inflation concerns despite expectations of rate cuts following last year's decline.
Fed policymakers are currently in a media blackout period ahead of their May 1 policy meeting.
Based on technical indicators, the Relative Strength Index (RSI) 3-day 'lookback' indicator is negative but oversold, while the MACD remains negative, and the ADX indicates a ranging market.
Given the persistent high volatility, traders should review their positions due to the whipsaw movements.
Key support is now seen at $79.80-90, with reevaluation advised at that level.
On the upside, interim resistance lies at $84.20-40, and further assessment should be conducted there.
Daily Chart West Texas Intermediate (WTI)
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