US Oil rallies today and it seems determined to come back higher. It’s traded at 60.61 at the time of writing and it could hit new highs soon. As you already know, the price was into a corrective phase after reaching the 67.94 level.
Technically, the price of oil ended its short-term corrective phase and now it could develop a new swing higher. The Candian Dollar appreciation versus the USD helps the WTI oil to start increasing again.
US Oil H4 Chart Analysis!
US Oil has found strong support on the descending pitchfork’s lower median line (LML) signaling bullish momentum. Today’s rally above the weekly pivot (59.46) and through the daily pivot (59.47) signaled further growth.
The price’s failure to stabilize under the lower median line (LML) indicates that the correction is over. US Oil is trapped between 62.01 and 57.24 levels. An upside breakout from this pattern validates a strong rally.
Conclusion!
The aggressive breakout above the R1 59.81 and through the 23.6% level indicates strong buyers. Stabilizing above these obstacles could lead to a strong swing higher in the short term.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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