The commodity is testing key area, the higher side of the trading range in area 75$/barrel after it managed to rise above both 21 day SMA and 55 day EMA. On previous price action we described here.
Intraday the breakout is having success as Crude Oil WTI is trading at 75.28 $/barrel, up by 0.61%. If confirmed at end of day, the following scenarios look most probable:
A pullback on 75 and then a bullish leg to test the 200 day SMA , now in area 77.36 $/barrel
No pullback and building higher highs and lows to 77.36 , then 80 and then 82.5.
A breakout / fakeout with prices dropping inside again the trading band, where more neutral forces should keep the commodity from gaining positive momentum.
