WTI: Bullish Momentum Continues, Targeting Further Upside

Market Outlook & Fundamental Drivers

WTI crude oil is currently exhibiting a clear bullish trend, trading at 72.9829, reflecting a 0.67% gain over the last 24 hours. This positive momentum is underpinned by fundamental factors, primarily the ongoing tightening of global supply, coupled with resilient demand expectations for the latter half of the year. While immediate geopolitical risks remain a wildcard, the prevailing sentiment points towards continued upward pressure as inventory levels remain constrained and major economies show signs of stabilizing. The data speaks, and it indicates a market that is absorbing supply efficiently.

Technical Analysis & Trade Rationale

From a technical standpoint, WTI has maintained its bullish trajectory, with key support levels holding firm. The intraday low of 72.2586 within the Day Range of 72.2586 — 73.7072 confirms that buyers are stepping in at dips. My analysis indicates a strong base forming above the 72.5 and 72 support levels.
For this setup, I am initiating a long position on WTI,