WTI Crude Oil Price Breaks Out Above $106 as Bullish Reversal Takes Hold

The WTI Crude Oil price has shown a bullish reversal trend, potentially reaching its yearly highs near $119. According to FXEmpire, this comes from analyzing the larger trend structure on the weekly chart of WTI spot crude oil.

A measured move still points towards $119, and a 161.8% Fibonacci harmonic projection for a rising ABCD pattern is at $117.65, which is reinforced by another measured move target near $119.00.

This means that if buyers can extend the trend above $106.84, it could reach resistance zones around $107.47 to $109.74, potentially stopping momentum or suggesting higher targets may be reached.

The recent reversal strengthens the near-term bullish structure, but the reaction to resistance and the durability of support will remain critical in determining whether WTI can eventually challenge its yearly highs.