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. 

Source: https://www.axiory.com/technical-analysis/oil-breaking-out-from-a-triangle-pattern

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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