WTI Price Analysis: Bulls in control, eye $74 area
|- WTI bulls on track for the $74 areas in a classic breakout.
- $71.50 supports and leads to a bullish extension.
As per the prior analysis, WTI Price Analysis: Bulls to target swing $74.20 level, the price continues to target the $74 areas as risk sentiment improves.
WTI prior analysis, daily chart
''The price has corrected to a 61.6% Fibonacci retracement level and could now be expected to extend the bullish trend to at least a -272% Fibo of the correction's range. This level comes in at 74.20 neat the mid-summer highs.''
WTI prior analysis, 4-hour chart
''The bulls could well be enthused to engage on the trendline breakout and horizontal resistance near 71.40.''
WTI live markets, 4-hour chart
As per the prior analysis, the price has moved accordingly, respecting the market structure on a restest of the old resistance and is making its way soundly towards the target area.
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