WTI oil futures with delivery in April keep climbing steadily, extending above the 60.00 psychological level. The price rebounded off the 20-day simple moving average (SMA) and is heading again towards the 13-month peak of 63.88.
The Ichimoku lines are flattening, while the climbing simple moving averages (SMAs) are defending the bullish structure. The RSI is further validating improvements in the price, however, the MACD is losing ground below its trigger line in the positive region.
If buying interest increases, the first tough obstacle is the resistance section of 63.88-65.61 which also includes the 13-month high of 63.88. Should the bulls manage to conquer this buffer zone, they may then target another strong barrier at 66.57, reached in April 2019.
Otherwise, if sellers take the price down, initial support could come at the 40-day SMA currently at 59.88. Should the pullback gain strength, the 53.94 inside swing high could try to impede the decline. More losses could see the 23.6% Fibonacci retracement level of the upward move from 6.62 to 63.88 at 50.37 ahead of 49.40.
Overall, WTI maintains a positive outlook in the long-term timeframe. That said, a dive below the 46.13-43.46 support zone, which includes the 200-day SMA, may shift this view to negative.
