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.

Ross J Burland FXStreet

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.

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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