WTI Price Analysis: Bulls are engaged, eyes on upside break

• WTI bulls are engaged at a key area of support. 
• The ficus is on an upside correction medium term. 

WTI is trading a touch higher by some 0.36% at the time of writing and has climbed from a low of $70.72 to score a high of $72.49 so far. The following is a technical analysis that derives a bullish outlook for the commodity.

WTI daily chart

We have a major double bottom on the longer-term outlook. 

Zooming in, we can see that the market has broken out of the bearish trend and is now riding a dynamic support line. 

We have a W-formation neckline area that is being respected also. 

The Fibonacci retracement tool measured across the bullish impulse sees the 78.6% Fibo meeting the support kline and lows of the correction.