Amazing rally on oil

WTI oil rallied during today’s session, supported by the drop on the US Dollar and the lower than expected US oil inventories. The political tensions in the Middle East have also caused the price of oil to rally. On the daily chart of WTI oil we can see that the price was in a consolidation or symmetrical triangle before taking off and breaking above the 64.00 level. The price has also broken above the 65.00 level to reach a high around the 65.50 level. If WTI oil keeps rallying, then the high at the 66.59 level may act as resistance. On the other hand, in case of a bearish pullback, the 64.00 level may act as support, level that was acting as resistance in the past. Below the 64.00 level, its next support could be the 61.00 area where we can also find the 55 day EMA (purple line).