WTI crude oil futures made a notable attempt to surpass the medium-term descending channel and the bearish crossover within the 40- and the 200-day simple moving averages (SMAs). Currently, the momentum is weak but if the price remains above those crucial lines, the bullish structure may be confirmed.
Technically, the MACD oscillator is rising in the negative region, holding above its trigger line; however, the stochastic oscillator is turning lower above the 80 level, suggesting an overbought market.
A move to the upside may meet resistance around 101.70, this being the top recorded on July 8. More bullish actions could take the market towards the 108.20 barrier ahead of 113.80.
On the other hand, immediate support to further declines may be taking place around the 94.14 figure, while the 20-day SMA at 90.87 could provide additional support in case of steeper losses. Though, a drop back below the downward sloping channel would open the way for a retest of the 85.35 hurdle.
All in all, WTI futures are showing some positive signs for bullish movement in the very short-term as the price jumps above the 200-day SMA.
