WTI Oil: Bullish break out confirmed. Buy opportunity.

The price broke the November low (49.35) and has entered into medium term bullish territory looking for an extension on the current 4H Channel Up (RSI = 71.469, MACD = 1.090, Highs/Lows = 1.1843, BBP = 2.7960). However the overbought levels (STOCHRSI, ADX, Williams, Ultimate Oscillator) can pull the price lower for a Higher Low, currently supported at 49.35. This bullish break-out has high probabilities to form an Inverse Head and Shoulders pattern on 1D (also entered bullish territory on RSI = 56.738, Highs/Lows = 3.2479), aiming to consolidate for the next 20 days within 49.35 - 54.485. We are taking this opportunity to go long on a more modest TP = 52.630, as the Higher High of the current channel.

After all as a previous long term analysis shows (see below), December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound:





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