WTI Crude Oil bulls are accumulating energy for a new surge. As FXStreet’s Analyst Yohay Elam notes, the trend remains to the upside, eyeing $91.80 (recent high) and then $94 and $95.30 (Fibonacci levels).

Fibonacci levels offer a peek into the next peaks

“Support is at the recent low of $190.10, followed by $88.80, a swing high from last week, and then $87,  aswing high from late January.”

“Once this consolidation phase concludes, bulls may take over, pushing oil prices to the recent high of $91.80 – the recent peak – then followed by $94, which is the 138.2% Fibonacci line when drawing a Fibonacci retracement from the cushion of $85.85 to $91.80. Further above, $95.30 is the 161.8% Fibonacci level.”