WTI completes a 38.2% Fibo, more upside to come?

WTI bulls in control to a critical Fibo and ride the dynamic trendline support.
Bear's commitments will be tested at this juncture ahead of full upside target.

Ross J Burland FXStreet

As per the prior analysis, Bulls look to target prior support, the price has indeed moved higher from support.

Prior analysis, daily chart

At this juncture, the support would be expected to hold initial tests.

Bulls can target the M-formation's neckline in the meantime.

However, a bullish extension target can be measured from the correction’s range which brings in a -272% target at 65.30 on the upside.

Live market, daily chart

Meanwhile, with that being said, should the bears move in for the final sessions of the week, a bearish weekly close that is already on the cards could see additional offers to test weekly support at 61.24 and bring the weekly 10 EMA into focus:

Weekly chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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