WTI crude oil futures reverse slightly higher following the bounce off 38.25 and paring some of the previous sessions’ losses. The commodity finds resistance at the red Tenkan-sen line at the same time that the technical indicators are heading north. The RSI is edging higher in the negative territory, while the stochastic is approaching the overbought zone.
In the wake of more positive pressures, the market could meet resistance at the 20- and 200-period simple moving averages (SMAs) at 39.60 and 39.80 respectively. A successful close above these lines could see a retest of the 40-period SMA at 40.25 and the lower surface of the Ichimoku cloud at 40.60. Steeper increases could find resistance at the 41.57-41.86 area.
On the flip side, a move to the downside could see immediate support at 38.25, which is the latest low. A stronger barrier, though, could be found at the 36.64 level and the three-month low of 36.11.
Turning to the medium-term picture, the market seems to be in bullish mode given that the price trades within a marginally upward sloping channel.
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