WTI crude oil futures are flirting with the ascending trend line, which has been standing over the last month in the 4-hour chart. The RSI indicator is pointing up in the bullish region, however, the MACD is still falling below its trigger line in the positive area.
A rebound on the rising trend line could take the commodity towards the 45.78 resistance ahead of the nine-month peak of 46.26. More gains could lead the market until the 48.48 hurdle, taken from the high on March 3.
On the other side, a penetration of the diagonal line to the downside could lead the market until the 44.41 support, which overlaps with the 40-day simple moving average (SMA). Steeper declines could meet the 43.32 and the 42.65 barriers, shifting the bias to neutral.
Overall, in the short-term, the market shows some signs for further improvement, though, a sell-off below the Ichimoku cloud around 43.50 may switch the market to neutral.
Origin: XM
