WTI crude oil futures for September delivery have finally reversed to the upside after the rebound on the long-term ascending trend line. The price also surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, suggesting an extension of the bullish momentum.
From the technical point of view, the RSI indicator is pointing up in the positive territory, while the MACD oscillator jumped above its trigger line but remains near its zero line.
In case of a further upward attempt, the price would likely meet resistance at the 69.88 barrier before being able to challenge the 70.40 high again. A break above this zone would drive oil until the 71.10 resistance, taken from the bottom on July 9.
On the flip side, if the price slips below the moving averages it would re-test the uptrend line, currently near 67.50. A downward penetration of this line would increase downside pressures and the price could touch the 66.90 support level, where it bottomed on August 2.
To sum up, having a look at the long-term timeframe, crude oil has been developing within a rising movement during the last year.
