WTI Price Analysis: Bulls drive into daily dynamic resistance, albeit with caution

WTI bulls move to test the bear's commitments at dynamic resistance.
$72.700 vs. 66.80s in play within the bear's lair.

Ross J Burland FXStreet

Commodity demand is slacking into the close of the month with market expectations of continued hawkish central bank policy that has dented sentiment in the oil market and saw investors maintain a bearish tilt.

However, WTI's daily chart paints a different picture as the structure on the downside holds yet again. We broke daily resistance at $70 which could be significant on a break of the upper quarter of the $72 handle and daily target:

WTI daily chart

On the other hand:

It's been a cautious move by the bulls, lacking conviction!

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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