WTI Oil Technical Analysis: Channel breakout likely after long-tailed candle

WTI oil is trapped in a sideways range since Feb. 20. As of writing, the upper and lower edge of the range is located at $58.00 and $54.50, respectively. 

The bull breakout looks likely as the pair closed 1.39 percent higher yesterday, validating the bull view put forward by Friday's long-tailed candle. 

A bull breakout, if confirmed, could yield a test of the psychological hurdle of $60.00. At press time, WTI is trading at $56.88 per barrel. 

Daily chart

Trend: Neutral-to-bullish