It looks like the WTI oil is forming another leg higher in its long-term uptrend, and it was seen 1.5% higher during Wednesday’s session.
Oil managed to break out from the recent consolidation triangle, which changed the short-term outlook to bullish. The next resistance appears to be near previous highs of 61.80 USD, and if oil jumps above that level, the medium-term bullish trend might be confirmed.
The next target for bulls could be at 63.40 USD or possibly near this year’s highs at around 67.50 USD.
Alternatively, if oil declines again, the support is seen at the broken, bearish trend line near 60.50 USD and afterward near the lower line of the triangle, currently at 59.20 USD.
As inflation continues to accelerate higher, commodities should remain bid, especially oil, one of the best inflation hedges.