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.

Ross J Burland FXStreet

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.

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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