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WTI Price Analysis: Testing inverse H&S breakout above $111.00, near 11-year high
Abstract：WTI crude oil prices remain firmer around the highest levels since May 2011 despite the latest pullback from tops to $111.40 during Thursdays Asian session.
WTI bulls take a breather near the highest level since May 2011.
Confirmation of a bullish chart pattern, upbeat MACD signals favor buyers.
200-SMA restricts short-term declines, 2011s high lures bulls.
The black gold teases the neckline of the inverse head-and-shoulders (H&S) bullish chart formation by the press time.
Also favoring the quotes further upside are the firmer MACD signals and successful trading beyond the 200-SMA.
That said, tops marked during the year 2011 near $114.80 seem to lure WTI bulls during the fresh upside.
Following that, the theoretical target surrounding $118.00 will be on the cards.
Alternatively, a downside break of the nearby resistance-turned-support line, at $111.30 by the press time, will negate the latest bullish breakout.
Even so, the WTI bears will remain cautious until the prices stay above the 200-SMA level of 103.82.
WTI: 15-minute chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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