US Oil is trading in the red at the time of writing at 66.89 level. The price tests and retests the broken upside obstacles before jumping higher.
The outlook is bullish, so further growth is favored. A temporary decline was expected and natural after the last rally. The current consolidation may confirm more gains and could bring a new long opportunity.
Technical Analysis!
WTI Oil registered a valid breakout above the immediate upside obstacles activating an upside continuation. Despite the minor decline, the price could resume its upwards movement soon.
Staying above the ascending pitchfork’s median line (ML) and registering a new higher high could confirm a bullish movement. The price has decreased to retest the outside sliding line (SL) of the major descending pitchfork.
The upper median line (UML) and the sliding line (SL) represented strong dynamic resistance levels. Taking out these levels signaled strong buyers and an upside continuation. Closing above 67.49 immediate high could activate a potential growth towards the $70.00 psychological level.
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