West Texas Intermediate, WTI, crude oil ended higher on Wednesday as a report showed an unexpected drop in US inventories while China's imports rose last month. Nevertheless, the bulls remain in good stead as per the following technical analysis: {chart} We have an inverse head and shoulders which is bullish. {chart} Pulling the chart across to see the impulse correction and what could now be another bullish impulse in the making, we can see that the market is supported at a 61.8% Fibonacci retracement level. This too is bullish. {chart} The 4-hour chart shows the price has breached prior resistance that could now ... (full story)