WTI Crude Oil has been flexing its muscle mass from the time it violated Key Resistance of $76.35 on October 1. This empowered the commodity to complete the outer Oil Rally $76.20, while the price action flagged the beginning of the commodity’s long-term uptrend.
Nonetheless, six days into the uptrend and the market is starting to sputter. Having Key Resistance $76.20 solidly confirming the end of a short-term bull run. It appears that WTI crude oil is due for a significant correction. The pullback might be Key Support $72.00. In order to keep the bull run alive, the commodity will retest the Key Resistance $76.20 before plunging.