WTI crude oil accelerates higher this week and hits as high as 53.90 so far. The break of near term channel resistance is a sign of upside acceleration. That’s supported by the movement in daily MACD too. Production cut of OPEC+, as well as expectations for strong global economic growth in the second half is giving oil price some solid support.
Near term outlook will now stay bullish as long as 49.42 resistance turned support holds. Next target is 100% projection of 40.32 to 49.42 from 47.31 at 56.41. We’ll see if WTI would have another round of upside acceleration there.