WTI Oil Breaks Higher — Five-Week Highs Confirm Bullish Signal

WTI Oil is having a very strong week. The price started Monday on local lows, but has since surged and is now trading at the highest levels since June 23rd — a five-week high. This clearly shows a return of bullish sentiment.

The key technical development here is the breakout from the sideways range (marked with a yellow rectangle) and above the orange horizontal resistance. This resistance has now turned into support. As long as the price holds above this orange area, the bullish outlook remains intact and we have a confirmed buy signal.

If the price falls back below the orange support, that would invalidate the breakout and create a false breakout scenario — which in turn would trigger a signal to sell. However, at the moment, there’s no sign of weakness and buyers remain in control.

Source: https://www.axiory.com/analytics/technical-analysis/wti-oil-breaks-higher-five-week-highs-confirm-bull