WTI Oil takes a breather after Monday’s 1.40% advance

WTI oil price is holding within a tight range on Tuesday and consolidating Monday’s 1.40% advance, sidelined by mixed fundamentals.

Supply concerns following recent attacks on Russian oil installation, which may cause longer disruptions from one of world’s top oil producers and exporters, weigh on oil price, while weaker dollar underpins.

Technical studies remain firmly bullish on daily chart and contribute to positive near-term outlook, as positive momentum is strong and daily Tenkan-sen / Kijun-sen are in bullish configuration and steeply ascending Tenkan-sen, which contained the latest pullback from new 2024 high ($83.10) is diverging.

Near-term bias is expected to remain with bulls while the price stays above Tenkan-sen ($81.32), guarding lower pivots at $80.30/$80.00 (March 21 higher low / psychological).

Res: 82.44; 83.10; 83.76; 84.17
Sup: 81.32; 80.30; 80.00; 79.47