US Oil is traded at 68.69 at the time of writing, below 68.86 today’s high. The price has resumed its growth after the OPEC meeting. Technically and fundamentally, WTI could resume its growth in the short term.
The price has rallied today signaling strong buyers. It has stabilized in the bull’s territory, so we could still search for new buying opportunities. We cannot exclude a temporary decline after the current rally.
The rate could come back to test and retest the immediate support levels, former resistance levels, before jumping towards fresh new highs.
US Oil retested March 8, 2021 high of 67.94 level confirming its breakout above this obstacle. It has managed to come back above the weekly resistance 68.17 level signaling that the swing higher may resume.
Now is located above the sliding line (sl) of the ascending pitchfork which represents a dynamic resistance. Its failure to reach and retest the median line (ml) indicates strong bulls. You already know from my analysis that a valid breakout above the major descending pitchfork’s upper median line (UML) and through 66.58 validates further gains.
Right now we have to wait for a new bullish signal, buying opportunity. It’s risky to buy it around the 68.85 former high.
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