On a Daily time frame, WTI has given a breakout of Cup and Handle Pattern. The trend in the commodity is positive which is followed by positive price action confirming the uptrend. The prices are trading above the Fast and Slow EMA indicating a positive trend whereas the EMA's trending upward is also indicating an upward direction.

The DMI+ is trading above DMI- indicating a positive trend and ADX trending above DI- indicating strength in the upward move.

Hence based on the above Technical Setup, one can enter a long position. 

Cup And Handle

Sep 13 2023