• Confirmation that a bullish chart pattern has been confirmed, positive MACD signals favor buyers.

• 200 SMA limits short-term declines. 2011's high lures bulls.

WTI crude oils prices are still at their highest levels since May 2011, despite a recent pullback to $111.40 during Thursday’s Asian session.

The neckline of the bullish inverse head and shoulders (H&S), chart formation is teased by the black gold at the press time.

The firmer MACD signals, as well as successful trading beyond 200-SMA, are also favorable for the quote's future upside.

WTI bulls are attracted to tops that were marked in 2011 near $114.80.

The theoretical target of $118.00 will then be at your disposal.

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

Nevertheless, WTI bears will be cautious until prices remain above the 200-SMA level (103.82).