Oil tries to break resistance

The bullish pressure on WTI oil is accumulating around the 74.45, where the price finds a good resistance. However, the bullish trend in the short term is still in place, therefore the price may continue rising. On the daily chart of WTI Oil we can see that 10 out of the last 12 daily candles have been bullish and that is an indication that the bullish trend is strong. The instrument is clearly overextended to the upside, but if it continues rallying, then the 77.00 level could act as resistance, due to the fact that in that zone we can find the 200 month EMA. On the other hand, if the price bounces to the downside, then the 70.00 level or the 68.00 level could act as support. Another possible scenario is that the price of WTI oil may consolidate between the 73.00 level and the 75.00 level until new fundamental data comes in to the markets and makes it take a more clear direction.