WTI Crude Signals Bullish Continuation with Breakout

WTI Crude Signals Bullish Continuation with Breakout

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 daily chart 6/20
(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
(WTI Crude Oil 4H Chart, 6/20)

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.