WTI Crude Oil Pulls Back From 5-Month Highs

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WTI Crude oil is trading mixed after price action touched a new five-month high at 43.75.

A minor resistance level is likely to emerge around the previous swing high in the 43.50 region.

However, this level will prove to be critical. A breakout above this level could potentially signal a move to the upside.

This will also validate the bullish flag pattern that we see. The minimum upside that we will see will be around the 46.50 level.

But a pullback off 43.50 could signal a dip back to the previous support level near 42.00.

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