WTI Price Analysis: Looks to extend gains beyond $80.00

• WTI moves effortlessly beyond $80.00 on Monday morning.
• Bulls shed all inhibitions and crave more gains toward November 2014 highs.
• The momentum oscillator holds onto the overbought with an underlying bullish sentiment.

WTI prices are in no mood to slow down their previous momentum on the first trading day of the week in the Asian trading hours. The supply-chain bottlenecks underpin the demand for crude oil. At the time of writing, WTI is trading at $80.03, up 1.17% for the day.

WTI daily chart

On the daily chart, WTI has been in the continuous uptrend after testing the low of $61.79 on August 20. If WTI sustains the intraday high it would be going to meet November 2014 high near $80.98. The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could fuel the upside rally further.

Alternatively, if the prices move lower, they would look out for Friday’s low at $78.31 as the first downside target and then march toward the $76.23 horizontal support level.

Next, the bears would attempt to meet the low made on Thursday at $74.74.

WTI additional levels