West Texas Intermediate (WTI) Crude Oil prices attract some buying on Tuesday and move away from a near three-week low, around the $81.
WTI gains some positive traction on Tuesday and recovers a part of the precious day’s slide. The technical setup favours bearish traders and supports prospects for a further downfall. Any positive move back above the $83.00 mark is likely to get sold into and remain capped. 55 region touched the previous day. The commodity sticks to its modest intraday gains through the first half of the European session and currently trades around mid-$82.00s, up 0.25% for the day.
50 support breakpoint now seems to act as an immediate strong barrier. A sustained strength beyond, however, could lift Oil prices beyond the $84.00 mark, towards the $84.70 intermediate hurdle en route to the $85.00 psychological mark. The next relevant resistance is pegged near the mid-$85.00s, which if cleared will negate the bearish outlook. On the flip side, the $82.00 round figure is likely to protect the immediate downside ahead of the overnight swing low, around the $81.55 region.
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