WTI Price Analysis: Bulls consolidate below $71.50 mark

• WTI starts the new trading week on a higher note.
• Bulls find it difficult to break the $72.00 mark.
• Prices swing in between the $71and $72 price band.

West Texas Crude Oil (WTI) prints substantial gains in the European session. The prices opened lower, however, traveled to the intraday high of $71.95 and reversed back to the lower level.

At the time of writing, WTI is trading at $71.46, up 0.57% for the day.

WTI daily chart

On the daily chart, WTI has been under selling pressure, after touching the YTD high of $72.74 on the account of profit taking.

The prices found support near the 23.6% Fibonacci retracement, which extends from the lows of $61.52, at $69.94.

If WTI sustains above the 0.71.50 key psychological mark, then it could see further upside toward the June 17 high in the vicinity of the $72.10 area followed by the high of June 16 formed at $72.74.

The Relative Strength Index (RSI) indicator holds above 50, which indicates an underlying bullish tone in the prices.

Next, the WTI bulls could target September 2018 high at $73.65.

On the flip side, if prices break the intraday low, then it could further slide toward the above mentioned 23.6% Fibonacci retracement.

The next area of support would be located at the $69.00 horizontal support level followed by the June 10 low at $68.55.

WTI additional levels