WTI crude oil futures have reversed higher again reaching a fresh eleven-month high of 52.70, however, the MACD oscillator now suggests that the market sentiment might get worse before getting better. The RSI is approaching the overbought territory, indicating a possible pullback in the very short-term timeframe.
If the price manages to move higher again and surpass the eleven-month high of 52.75 it could take the market towards the 54.62 resistance, registered in February 2020.
Alternatively, the market might revisit the 20-period simple moving average (SMA) around 51.60 before meeting the 40-period SMA at 50.32. Below that, the area around the 49.46 support which halted a downside correction before, could be another potential barrier in focus, while steeper declines may overcome that point to test the 100-period SMA at 49.00.
To summarize, WTI crude oil futures look bullish both in the short- and the medium-term pictures.
