Last week, WTI Crude Oil rallied sharply due to tensions in Iraq. There was also broad USD-weakness and commodity prices surged. The daily chart shows that WTI crude broke above the consolidation resistance of 105.22 and started this week stalling at 107.56. This week, price fell back to that previous resistance and traders worked it as support. As we end the week, the daily chart continues to support the bullish outlook. Above the 107.56 high, the next target/resistance is at the 108.90-109 area and then the 110 psychological handle.
(WTI Crude Oil Daily Chart, 6/20)
The 4H chart also shows a bullish continuation signal as price broke above this week’s consolidation resistance trendline. The 4H RSI pushed above 80 last week, fell but held above 40 this week. As the RSI pushes back above 60, this dyanmic with the RSI reflects maintenance and continuation of the bullish momentum.
(WTI Crude Oil 4H Chart, 6/20)
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