WTI has moved sideways for a fourth session, trading around $79.00 in early European dealings on Friday as markets look for developments in US-Iran tensions and any risk to flows through the Strait of Hormuz. Price action follows a breakout above the 23.6% Fibonacci retracement of the April\u2013July decline and the 200-day Simple Moving Average on the four-hour chart, which frames the current range as consolidation rather than a reversal. The Relative Strength Index sits near 59, while the Moving Average Convergence Divergence (12, 26, 9) remains in negative territory, pointing to limited near-term momentum.<\/p>\n
A push and hold above the $80.00 psychological level would place $82.48, the 38.2% retracement, in focus, with $87.25 at the 50.0% level next. Further resistance is flagged at $92.01 for the 61.8% retracement and $98.79 for the 78.6% level. <\/p>\n
On the downside, support is seen at the 200-period SMA at $77.30, followed by $76.59 at the 23.6% retracement, where a break would undermine the current bullish structure and deepen the pullback within the broader range.<\/p>\n\n\n\n