WTI Breakout Underway- Bulls Attempt to Secure 80

WTI is up more than 13% off the monthly lows with the rally now testing the first major technical hurdle at 81.81. Risk for some kickback here.

A breakout of the April Downtrend keeps the focus higher while above the objective June open at 77.11 with a topside breach / close above this pivot zone needed to fuel the next leg higher.

Key topside resistance zones eyed at 84.58-85.40 and 86.67-87.13.

Broader bullish invalidation now raised to 76.

Michael Boutros, Sr Technical Strategist
MBForex