Crude Oil Price Forecast: Can WTI Break Through $87.36?

WTI crude oil extended its short-term rally on Tuesday, reaching a high of $86.04 but with little conviction. Momentum died down quickly, resulting in a narrow range day and a likely close near the low of the day. Although Tuesday’s lack of conviction may signal further short-term weakness, the day’s $84.75 to $86.04 range has been largely above the prior high of $84.87, suggesting a possible switch from resistance to support. This is a short-term sign of strength that adds to the significance of the new bullish signal. The ability to hold above $84.87 on any near-term pullback could therefore become an important test of whether the breakout is gaining traction. WTI crude oil daily chart shows breakout to new current trend high. Source: TradingView$90.59 Emerges as Initial TargetIn addition, Tuesday’s advance develops the second leg up in a rising ABCD pattern or measured move.