WTI Price Analysis: Bulls tto arget swing $74.20 level

• The price of oil is on the verge of a move to the upside. 
• A daily bullish extension is on the cards to target the $74 area. 

The price has rallied from a critical level of support and the bulls are in charge with prospects of a bullish extension in the coming days. 

The following illustrates the bullish bias after a significant daily correction of the bullish trend. 

WTI daily chart

The price has corrected to a 61.6% Fibonacci retracement level and could now be expected to extend the bullish trend to at least a -272% Fibo of the correction's range. This level comes in at 74.20 neat the mid-summer highs. 

WTI 4-hour chart

The bulls could well be enthused to engage on the trendline breakout and horizontal resistance near 71.40.