• WTI bulls are moving in with eyes on a break of major trendline resistance. 
• WTI bears will likely show their might near $79.50.

WTI is now on the backside of the bearish channel's resistance which would be expected to act as a countertrend with the short squeeze in play, putting the shorts from the start of the week under heat.

WTI H1 chart

The bulls can target a break of the $79.00 level to open risk to $79.50 and even beyond to target the $80.50s highs. However, the bears will be keen to defend $79.50 which puts the spotlight back on a break of $77.50 that opens risk to a move to the downside.

With that being said, from a daily perspective, there can be an argument made for a bullish outlook as follows:

Bulls have remained committed over the course of the past week in accordance with the overall bullish cycle. With price holding above the 61.8%, there are prospects of a break of the trendline resistance for territories high up in the $80s.