The price surged to $120 in March and April but failed to close the month above $110. This indicates that the recent correction was profit-taking due to technical concerns. Therefore, the fundamental reasons in the oil market will likely push prices higher if prices break above $110 after consolidating around the current range.
A confirmed break above $110 will likely push prices to the $125 and $130 area. However, a break above $130 will push prices towards $150 in the WTI market.
This bullish price action is also evident on the 4-hour chart, which shows the formation of triangle patterns within the broad range of $80 to $120. The price is now consolidating around $110 at the triangle pattern. A break above this area will likely push prices towards $120.