WTI Price Analysis: Bulls to target swing $74.20 level
|- The price of oil is on the verge of a move to the upside.
- A daily bullish extension is on the cards to target the $74 area.
The price has rallied from a critical level of support and the bulls are in charge with prospects of a bullish extension in the coming days.
The following illustrates the bullish bias after a significant daily correction of the bullish trend.
WTI 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 4-hour chart
The bulls could well be enthused to engage on the trendline breakout and horizontal resistance near 71.40.
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