WTI Holds Near $74.00 After Rejection at 23.6% Fibonacci Level

Last Updated on 09/07/2026

WTI crude oil prices drift lower on Thursday, ending a two-session advance that had lifted the commodity to its highest level in more than two weeks. Technical signals remain mixed, suggesting traders should exercise caution before committing to strong directional positions. Meanwhile, a decisive break above the 200-day Exponential Moving Average (EMA) is required to challenge the prevailing near-term bearish outlook.

West Texas Intermediate (WTI), the US benchmark crude oil, struggles to build on its recent two-day advance that pushed prices to their highest level in more than two weeks on Wednesday. During Thursday’s Asian session, the commodity trades modestly lower, though selling pressure remains limited, with prices hovering just above $74.00 and down roughly 0.65% on the day.

From a broader technical perspective, the latest rebound from the late-February low has lost momentum near the 23.6% Fibonacci retracement of the May-to-July decline. WTI also remains below its 200-day Exponential Moving Average (EMA), preserving a bearish near-term outlook. Furthermore, mixed momentum indicators suggest that recent gains are more likely corrective in nature rather than signaling a meaningful trend reversal.

The MACD has crossed into positive territory and remains above the zero line, indicating improving bullish momentum. However, the RSI is still near 44, highlighting relatively subdued buying interest. As a result, even if prices break above the immediate Fibonacci barrier at $75.69, upside progress could be constrained by resistance around the 200-day EMA at $77.27. A decisive move above that level would strengthen the case for a broader recovery.

Beyond the 200-day EMA, additional resistance levels emerge at the 38.2% retracement near $81.23 and the 50% Fibonacci level around $85.71. Further bullish extension could target the 61.8% retracement at $90.19, followed by higher retracement zones at $96.56 and $104.69. On the downside, key support remains at the recent cycle low of $66.73, where selling pressure may ease should the broader bearish trend regain control.