WTI crude oil is showing signs of losing its bullish momentum. Price action is seen struggling to get a foothold above 60.00.
This has led to price action being rejected over the past three trading sessions. For the moment, the overall bias remains firmly to the upside.
But this could change if oil prices close below Tuesday’s low of 59.31. This will potentially confirm the downside for the short term. The long term trendline will act as support in case of such a move.
To the upside, oil prices are nearing the 61.35 level which marks the highs from 8th January. Given the current momentum it is unlikely to see oil prices rising further unless there is a strong breakout above 61.35.
