WTI Crude Oil - 4H Still Bullish
Updated
WTI Crude Oil shows promising bullish momentum as it consolidates above a key static support zone, indicating potential for further gains. The price action demonstrates two major bullish legs, with the current position in the middle of the second major leg, suggesting continued upward movement.
Additionally, the presence of a second minor leg forming suggests that the bullish momentum might lead to a breakout, propelling prices to higher targets. Traders should monitor the minor leg’s completion and potential further advances in the price of oil, taking advantage of the bullish trend.
Additionally, the presence of a second minor leg forming suggests that the bullish momentum might lead to a breakout, propelling prices to higher targets. Traders should monitor the minor leg’s completion and potential further advances in the price of oil, taking advantage of the bullish trend.
Note
The support zone rejected the fall strongly.Note
As expected, WTI Crude Oil reacted to the trendline and faced a minor rejection. However, this reaction is likely temporary. I anticipate that WTI Crude Oil will start to rise again, continuing its bullish momentum. The previous major and minor legs support this expectation, suggesting that the upward trend is still in play. Let’s keep an eye on the price action for confirmation of this upward movement.Note
As I explained, WTI Oil has started to rise after rejecting from the trendline. The price has broken the trendline and made new highs. Now, it can rise to the targets we mentioned. Keep an eye on the bullish momentum as WTI continues its upward trajectory.Note
Fantastic news! Our analysis of WTI Crude Oil has hit the target. The price followed the expected path, breaking the trendline and continuing its bullish momentum through the outlined minor and major legs.Well done to everyone who followed this analysis and took advantage of this move. Keep up the great work, and let’s aim for more successful trades!
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