For most of the last 2 plus years, I have been largely bearish on oil. With occasional bounces, I was either bearish or ambivalent, especially since the 2022 high after the start of the Russian incursion into Ukraine.

The chart is sending a very strong signal that a major turn is imminent. WTIC has had a strong bounce of more than $10 off of it’s early Sept. lows. The chart below shows a huge 3 plus year base, that looks ready to breakout and signal a major turn.

If WTI closes above $77.20, it likely means that whatever forces have driven it lower over these last two plus years, are reversing and leading to at the least, a significant move higher.

Given the sharp ten dollar rally off of it’s recent double bottom, a two to four dollar pullback to the 50 day mvg. avg. around $72.66, or more likely the 20 day which will soon be around $71, would not be surprising. This Fiday or next Monday would be my expected timeframe. Watching and waiting for a likely pullback, followed by a breakout and follow thru.