US Oil rallied in the short term and now is located at 66.51 versus 66.17 yesterday’s high. The price of oil opened with a gap up today signaling strong buyers. It remains to see how the price will react in the coming hours as the rate has reached a strong resistance area.
The outlook is bullish, so WTI Oil could resume its major uptrend even if we’ll have a temporary decline in the short term. The price could come back to test and retest the immediate support levels before jumping higher.
WTI Crude Oil reached the 66.58 static resistance at its almost to reach the descending pitchfork’s upper median line (UML). The upper median line is seen as an important upside target and obstacle.
A valid breakout above it could signal a further growth towards 67.94 higher-high. The price has increased also because the USD was into a corrective phase. Moreover, failing to stabilize under the 23.6% level and below the lower median line (LML) signaled that US Oil will start increasing again.
In the short term, a false breakout above the UML, a rejection, could push the rate down. A minor decline could help us to catch a new upside momentum.
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Author : Olimpiu Tuns
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Last Updated: May 5th, 2021
