WTI Crude: Resistance Hit — But the Main Trend Remains UpWTI CRUDE OILTVC:USOILDukesMarketAnalysisBreakout Confirms a Bullish Shift WTI has broken decisively above the July 23 swing high at $93.50, confirming a bullish change of character. This also keeps alive the potential ‘W’ pattern that has developed from the July lows. 0.618 Fib Sparks a Sharp Rejection Price pushed through the 0.618 Fib at $99.45 and reached an intraday high of $104.46 before sellers stepped in aggressively. WTI is now down almost 5% on the day, showing just how quickly momentum has cooled. 100/50-Day EMAs Support the Primary Trend The 100/50-day EMAs have crossed back to the upside, with price remaining comfortably above both averages. Despite today’s reversal, the primary trend continues to favour the bulls. Momentum Was Becoming Stretched RSI briefly entered overbought territory following the latest surge, while StochRSI remains overbought. Some form of pullback or consolidation was therefore becoming increasingly likely after such a strong run. The Breakout Level Is Now Crucial The $93.50 former resistance is the key level on any deeper pullback. Holding above it would keep the breakout intact, while a decisive move back below would raise the possibility that the latest surge was a false breakout. Higher Targets Remain in Play If buyers regain control, the 0.786 Fib at $108.26 becomes the next major technical target. Beyond there, the March high at $119.48 remains the measured objective from the potential ‘W’ pattern. In Summary WTI has suffered a sharp intraday reversal after pushing through the 0.618 Fib and reaching $104.46, but the broader technical picture remains constructive. The July swing high has been broken, the 100/50-day EMAs are bullishly crossed and the potential ‘W’ pattern remains alive. Momentum had become stretched, making some cooling unsurprising. The key now is $93.50: hold above former resistance and the bullish breakout remains intact; lose it and the picture becomes less convincing.