WTI crude oil’s rally accelerates again today and reaches as high as 64.24 so far. 61.8% retracement of 77.06 to 42.05 at 63.68 is taken out.
Also, 55 week EMA is considered firmly taken out after last week’s rise. The rally from 42.05 is at least considered as part of a sideway pattern from 77.06. Or, it could even be resuming the up trend from 27.69.
Thus, sustained trading trading above 63.68 will pave the way to retest 77.06 high next. And in any case, near term outlook will remain bullish as long as 61.82 support holds, in case of retreat.
