WTI Price Analysis: Testing inverse H&S breakout above $111.00, near 11-year high
- WTI bulls take a breather near the highest level since May 2011.
- Confirmation of a bullish chart pattern, upbeat MACD signals favor buyers.
- 200-SMA restricts short-term declines, 2011’s high lures bulls.
WTI crude oil prices remain firmer around the highest levels since May 2011 despite the latest pullback from tops to $111.40 during Thursday’s Asian session.
The black gold teases the neckline of the inverse head-and-shoulders (H&S) bullish chart formation by the press time.
Also favoring the quote’s further upside are the firmer MACD signals and successful trading beyond the 200-SMA.
That said, tops marked during the year 2011 near $114.80 seem to lure WTI bulls during the fresh upside.
Following that, the theoretical target surrounding $118.00 will be on the cards.
Alternatively, a downside break of the nearby resistance-turned-support line, at $111.30 by the press time, will negate the latest bullish breakout.
Even so, the WTI bears will remain cautious until the prices stay above the 200-SMA level of 103.82.
WTI: 15-minute chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
