WTI crude oil futures had a strong battle with the 20- and 40-day simple moving averages (SMAs) near 72.30. A noteworthy jump above these lines would take the market towards the almost three-year high of 76.20 before meeting immediate resistance at 76.87. A bullish rollercoaster above this level could drive oil prices at the inside swing low of 86.39, registered in April 2013.
Looking at the technical indicators, the MACD is gaining some ground in the negative territory, trying to overcome its trigger line. The RSI indicator is still holding above its neutral 50 line, suggesting upside pressures are still in place.
On the other hand, a potential descending move beneath the Ichimoku lines and the cloud could pause the market’s action at 64.90. Even lower, the 60.66 support and the 200-day SMA currently observed at 58.18 ahead of 57.20 could act as major support levels.
Overall, WTI futures are struggling to improve the short-term bullish bias, while in the long-term the outlook is strongly positive.
Origin: XM
