WTI Price Analysis: Bulls come up for air to test key resistance

WTI is up on the day and testing a key technical level on the 4-hour charts.
Bulls need a break of the 4-hour resistance or face imminent doom below the weekly countertrend.

Ross J Burland FXStreet

WTI oil came up for air on Wednesday and moved in a key area of 4-hour support as the following charts will illustrate. At the time of writing, the black gold is trading 1.5% higher after rallying from a low of $86.20bbls to a high of $90.17bbls on the day so far.

WTI weekly charts

The price recently broke below the weekly trendline support that is in the process of being retested as the above analysis illustrates.

Zooming in, this is made clearer with the price testing the key 89.80s in trade this week.

WTI H4 chart

From a 4-hour perspective, however, the price has formed a W-formation and should the support area hold, there could be a move to test above the resistance which could lead to a break back into the bullish weekly trend.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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