Today we could see a strong move up in less than few hours. You can see that move on lower time frame, like for example on 4 hour chart time frame:

WTI Oil, 4 hour chart

WTI Oil, 4 hour chart

But let’s have a look at bigger picture. On weekly chart we still have an uptrend. Most of moving averages are pointing up and 5 MA is above the 34 MA. That means that on lower time frames we are looking to go long.

Weekly WTI oil chart

Weekly WTI oil chart

Now, we can take a look at daily chart and draw Fibonacci retracement lines. After move back to the 61.8% retracement line (also 100$ support) oil price started to move up. Few days ago there was a break above 34 MA and price is still going up. If correction is really over, move to 110$ or even higher is very possible.

Daily WTI oil chart

Daily WTI oil chart

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