WTI does not look like a bearish heaven anymore. Reasons include:
1- Dropping Wedge consolidation breakout 2- Bullish bat reversal pattern to bolster the claim to expect higher levels and mark the initiation of a bullish reversal 3- Dovish Feds 4- Increased Demand post-COVID
Target: Apparently, the current reversal picture seems like trying to approach triple figure price for WTI again. We are looking forward to the target zone as marked in the chart as red box i.e. between $98-110/Barrel.
This analysis is invalid if 72-73 range is breached!
Best of Luck and Happy Trading! Deploy extra diligent risk management while trading Oil, it is not a safe heaven instrument.