WTI crude oil futures are increasing their positive bias after several days of flat periods, remaining above the long-term ascending trend line. The price is trying to exit from the Ichimoku cloud moving towards the next resistance of the two-and-a-half-year high of 67.96. If traders continue to buy the commodity, the price could hit the 75.24 inside swing high from July 2018 ahead of the 76.87 hurdle, being the top of September 2018.
Having a look at the technical indicators, the RSI is confirming the recent bullish move in the near term, though the MACD oscillator is still moving horizontally beneath its zero line.
In the case that oil retreats and declines underneath the short-term simple moving averages (SMAs) and the ascending trend line, immediate support could be faced from 57.20. Below that, the 23.6% Fibonacci retracement level of the upward move 6.62-67.96 at 53.54 could attract attention ahead of the 49.40 support and the 200-day SMA at 47.95.
In brief, WTI looks predominantly positive in a longer timeframe and only a fall below the uptrend line and the 200-day SMA may change this outlook to negative.
