WTI Price Analysis: Bulls targeting $67 and beyond amid market optimism

• WTI hits fresh four-day highs above $66, 100-SMA on 4H in sight.
• Bullish interests gather momentum after WTI recaptures 50-SMA
• RSI is on a steady rise towards overbought region, currently at 64.37.

WTI (NYMEX futures) is trading close to the multi-day highs reached near $66.50 in the last hour, courtesy of the resurgent demand for the higher-yielding assets amid covid vaccine optimisms.

Technically, WTI bulls remain poised to extend the rally towards the downward-sloping 100-Simple Moving Average (SMA) at $67.18.

The buying interest accelerated after the black gold made a sustained move above the 50-SMA at $65.75.

The Relative Strength Index (RSI) on the said time frame edges higher towards the overbought territory, holding well above the midline. The leading indicator is currently trading at 64.37, allowing room for more upside.

A decisive break above the 100-SMA barrier could trigger a fresh upswing towards the $68 round figure.

WTI: Four-hour chart

On the flip side, the 50-SMA resistance now turned support will come to the rescue of the bulls immediately should the sentiment sour.

Additional downside pressure could knock off WTI further towards the mildly bullish 21-SMA at $63.81.

However, the $65 psychological level could offer some temporary respite to the WTI buyers.

WTI: Additional levels to watch