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WTI eyeing up the $63.25 highs
WTI appears set to re-test the annual highs of $63.25, assuming it can take advantage of USD weakness and the pending OPEC meeting. We did indeed see the swing low at 56.65 support, with the low producing a Bullish Hammer on D1. The gains since this swing low have been direct and of an impulsive nature, which favours an eventual break above the $63.25 highs over the coming sessions. I have labelled the bullish wedge which projects an initial target back at the base of the pattern, but of course the impulsive wave would require a break above this key high. We certainly have enough data remaining this week to push it ... (full story)
