WTI futures have been trading within a consolidation area of 63.09-66.63 since April 28. The price found support at the 20- and 40-period simple moving averages (SMAs) and is moving towards the 66.63 resistance level.
The MACD oscillator is strengthening its bullish structure above its trigger and zero lines, however, the RSI is pointing slightly down in the positive region.
A successful rally above 66.63 could take the commodity until the 67.93 barrier, registered on March 8. More aggressive buying interest could open the way until the July 2018 high at 75.07.
On the other side, a potential decline could hit the immediate support at 65.73 ahead of the 20- and 40-period SMAs currently at 65.00. If the bears continue to sell the oil, the next support could come from the 63.09 level and the 200-period SMA at 62.67.
Overall, WTI futures are moving sideways in the short-term, while in the long-term picture, the price is bullish.
Origin: XM
