WTI Crude Oil Daily Chart Analysis 10/6

TVC:USOIL   CFDs on WTI Crude Oil
Commodity Analysis, Implications and Outlook
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.
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