Oil price today: WTI hits $100 as $106.90 target comes into focus

WTI crude oil has reached $100 a barrel after breaking out of a bullish rectangle. The move activates a measured upside target of $106.90, while any near-term pullback could test whether former resistance now holds as support.

WTI breaks above resistance as bullish scenario unfolds

The oil price analysis published on 14 October highlighted a potential breakout from a rectangular consolidation. A sustained move above resistance could extend the uptrend that began in July, with the psychological $100 level representing the first major hurdle.

That scenario has now unfolded. On Friday, 16 October, WTI broke above $96.55 and subsequently advanced to $100. The move resolves the rectangle to the upside and strengthens the technical case for a continuation of the broader uptrend.

Oil price outlook: Rectangle breakout points towards $106.90

Projecting the height of the rectangle from the breakout level produces a minimum measured price target of $106.90. This is a theoretical objective derived from the chart pattern, rather than a guaranteed outcome.

The immediate question is whether Oil - US Crude can establish itself above $100. The RSI remains above 48.50, supporting the constructive outlook within this analytical framework. Price also remains above the rising 100-day exponential moving average and the ascending trendline, keeping the broader upward trend intact.

Pullback towards $96.21: Can the breakout zone hold?

Following the recent advance, profit-taking and temporary pullbacks remain possible. The $96.21–$96.55 zone is therefore an important area to watch, with former resistance expected to provide support.

A successful retest, followed by a renewed upward move, could create a classic pullback-long setup in the direction of the prevailing trend. A sustained decline below $96.21, however, would weaken the breakout signal and increase the risk of a return to the previous trading range.

Bullish rectangle breakout activates $106.90 price target

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