WTI Price Analysis: Testing inverse H&S breakout above $111.00 near 11-year high

• WTI bulls take a breather near the highest level since May 2011.
• Confirmation of a bullish chart pattern, upbeat MACD signals favor buyers.
• 200-SMA restricts short-term declines, 2011’s high lures bulls.

WTI crude oil prices remain firmer around the highest levels since May 2011 despite the latest pullback from tops to $111.40 during Thursday’s Asian session.

The black gold teases the neckline of the inverse head-and-shoulders (H&S) bullish chart formation by the press time.

Also favoring the quote’s further upside are the firmer MACD signals and successful trading beyond the 200-SMA.

That said, tops marked during the year 2011 near $114.80 seem to lure WTI bulls during the fresh upside.

Following that, the theoretical target surrounding $118.00 will be on the cards.

Alternatively, a downside break of the nearby resistance-turned-support line, at $111.30 by the press time, will negate the latest bullish breakout.

Even so, the WTI bears will remain cautious until the prices stay above the 200-SMA level of 103.82.

WTI: 15-minute chart

Trend: Further upside expected