WTI Oil Price: Upside Move Continues

WTI has recently extended its upward trend, rising from 63.95 to as high as 79.76 and breaking above the 74.65 resistance level. This could lead to a further rise towards the key resistance level of 83.37 in the coming days. If the price manages to break through this level, it would indicate that the downside move from 126.35 on March 8, 2022, has already completed at 63.95 and the next target would be the 93.00 area.

On the other hand, there is now support at 73.50. Only if the price were to break below this level could another fall towards 63.95 be triggered.

Overall, while WTI has broken above a key resistance level and could see further upside movement, there is also support that could prevent further decline.