WTI crude oil futures have been moving sideways over the last few sessions in the 4-hour chart, signaling weak momentum. The price hit several times the 20-simple moving average but failed to trade lower. Having a look at the bigger picture, oil has lost its aggressive buying interest but remains in bullish territory.
In the 4-hour chart, the RSI indicator is flattening slightly below the 50 level, while the stochastic oscillator posted a bullish crossover within its moving averages above the 20 level.
It is worth mentioning that WTI is developing within the Bollinger band in a sideways channel. To the upside, in case of a jump above the 40-SMA, the price could touch the 62.30 resistance barrier, which is near the upper Bollinger band. A further advance could open the door for the 63.40 level.
In the event of a bearish movement, then the focus could shift to the downside towards 60.10 and near the lower Bollinger band. If this level is breached, it could increase downside pressure and bring about a reversal of the trend until the 58.00 psychological level.
