$oil $wtiusd bullish

After breaking a long term structure (see image below), $oil $wtiusd broke out above, retrace to the top and is heading to move for higher prices.

A long position at this point is still possible, with the stop loss set to around $62 and the next target of around $71, which would get you a risk to reward of a little over 1 : 1, which of course could be a little disappointing.

Waiting for a retrace to support of course would get you a far better entry and risk to reward ratio, but there is no guarantee that the price will revert to those levels. Long term would the next price to look for a possible reversal or target lie around $76 and $85 in extension.

Blue lines indicate support zones on the daily timeframe. Green lines indicate support and resistance on the weekly timeframe.
The arrow would have been a good entry-point, because of a false break on support.

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