WTI Price Analysis: Bulls are engaged, eyes on upside break

WTI bulls are engaged at a key area of support.
The ficus is on an upside correction medium term.

Ross J Burland FXStreet

WTI is trading a touch higher by some 0.36% at the time of writing and has climbed from a low of $70.72 to score a high of $72.49 so far. The following is a technical analysis that derives a bullish outlook for the commodity.

WTI daily chart

We have a major double bottom on the longer-term outlook.

Zooming in, we can see that the market has broken out of the bearish trend and is now riding a dynamic support line.

We have a W-formation neckline area that is being respected also.

The Fibonacci retracement tool measured across the bullish impulse sees the 78.6% Fibo meeting the support kline and lows of the correction.

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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