- WTI crude oil surpasses 20- and 50-day SMAs
- Technical oscillators are mixed
WTI crude oil futures are experiencing a new bullish wave, meeting the medium-term descending trend line again near the 73.00 level after the significant rebound off the 68.90 support level.
Technically, the MACD oscillator is moving horizontally still beneath its trigger and zero lines; however, the stochastic oscillator is climbing above the 80 level, confirming the upside momentum in the market. Moreover, the price is standing above the 20- and 50-day simple moving averages (SMAs).
If there is a steeper bullish move, the commodity may retest the 76.65 resistance and the significant 200-day SMA at 77.85 that failed to surpass it in the preceding days. A successful climb above it could endorse the positive scenario, hitting the next levels of 78.75 and 80.50.
On the flip side, a retreat below the downtrend line could take the bears near the previous trough of 68.90 and the 67.00 round number. More downside pressure could open the way for the 17-month low of 65.70.
In summary, WTI crude oil is battling against the downward trend line and exhibiting indications of improvement in the medium-term outlook.
