WTI bulls eye a break of $73.90 to the upside.
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- WTI bulls eye a break of $73.90 to the upside.
- Bears need a break of the $71.70s to the downside in order to resume the broader downtrend.
As per the prior analysis, WTI bears are lurking in what could be a peak formation on the charts, the oil price has taken on resistance and is now at a critical juncture as the bulls flex their muscles. WTI is sandwiched between $73.90 on the backside of a longer-term bearish trend and the backside of a micro counter trend as the following illustrates:
It was argued that the resistance of the trendline and horizontal $73.90 could play a role in a subsequent sell-off in the coming sessions. A break of $73.90, however, opened the risk of a move towards the $76.70s.
The structure sees the price needing a break of $73.90 to the upside of a break of the $71.70s to the downside in order to resume the broader downtrend.
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