WTI bulls looking to engage in anticipation of a bullish continuation.
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- WTI bulls looking to engage in anticipation of a bullish continuation.
- Daily inverse H&S is a compelling feature on the charts.
West Texas Intermediate, WTI, crude oil ended higher on Wednesday as a report showed an unexpected drop in US inventories while China’s imports rose last month. Nevertheless, the bulls remain in good stead as per the following technical analysis:
We have an inverse head and shoulders which is bullish.
Pulling the chart across to see the impulse correction and what could now be another bullish impulse in the making, we can see that the market is supported at a 61.8% Fibonacci retracement level. This too is bullish.
The 4-hour chart shows the price has breached prior resistance that could now well act as a support on the pullback. Bulls could be encouraged to enter the market in anticipation of a bullish continuation.
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