WTI Crude Oil Price Analysis For July 15

WTI crude oil has been on a strong upward tear since bouncing off the $72.50 area early this month, rallying all the way up to the $81.34 mark before buyers started running out of steam.

Price has since pulled back from that swing high, and the retracement is now testing where fresh demand could emerge. The Fibonacci retracement tool shows the 38.2% level at $78.11, which lines up closely with where price is currently hovering and could be the first line of defense for the climb.

A deeper correction could stretch to the 50% level at $77.11, while the 61.8% Fib at $76.12 sits just above the steep ascending trend line connecting the early-July higher lows, making that zone a likely spot for buyers to step back in if the pullback extends further.

Looking at the moving averages, the 100 SMA remains above the 200 SMA, keeping the broader path of least resistance pointed higher, and the gap between the two continues to widen in a show of underlying bullish strength. Price is still trading well above both averages, so these could also act as dynamic support on a deeper slide.

Stochastic has rolled over from the overbought region and is heading south, reflecting some short-term exhaustion among buyers after the sharp run-up. The oscillator still has room to fall before reaching oversold territory, suggesting the correction could persist a bit longer before finding a floor.

RSI has likewise eased off its highs but remains in comfortably bullish territory, with some room left to slide before hitting oversold levels, hinting that the broader uptrend could still have legs once this pullback runs its course.

If the 38.2% Fib or the deeper retracement levels near the trend line hold as support, WTI crude oil could resume its climb toward new highs above $81.34. A break below the ascending trend line and the 61.8% Fib, however, would cast doubt on the bullish scenario and could open the door to a larger correction.