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WTI oil: the price of the barrel stalls after 6 sessions of increase

H2: WTI Oil Testing Key Resistance at $ 76.50

From a technical analysis standpoint, WTI oil is starting to stall after rising to its 2018 and 2020 highs of around $ 76.50. The outlook remains bullish, but the risk / return ratio does not favor new purchases under this resistance and after such an increase in such a short time (+ 15% in 10 sessions).

It will probably be better to wait for the market to breathe or to cross the resistance zone at $ 76.50 to reposition to buy. If breathing, the first major support to watch will be the $ 72.75 neckline of the ascending triangle from which WTI came out on top last week. The bullish outlook would be invalidated in the event of a pullback below the neckline at $ 72.75.

Beyond the resistance at $ 76.50, the next resistances to watch are the token level at $ 80, then the October high at $ 85.

Admission: Purchase over $ 76.80

Stop : 75$

Goal: $ 80, then $ 85

Risk / Reward Ratio:> 1

Follow the evolution of the WTI oil price with IG.

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