WTI oil futures are looking upbeat as buyers have re-emerged around the 80-handle, following the pullback from a near 7-year peak. The soaring simple moving averages (SMAs) are endorsing the bullish picture within the commodity.
The Ichimoku lines are indicating a rise in positive momentum, while the short-term oscillators are suggesting a slight revival in upside forces. The MACD has slid a tad beneath its red trigger line but remains far above the zero level. The RSI is improving in bullish territory, while the stochastic oscillator’s negative demeanour has faded, confirmed by the %K line’s bullish crossover of the %D line, which is promoting additional positive price action.
If the price of the black liquid continues to appreciate past the red Tenkan-sen line at 81.07, preliminary resistance could stem from the multi-year peak of 82.16. Should the commodity’s climb push on – rejuvenating upside momentum – buyers may steer the price towards the 84.03 barrier. Overshooting this too, which is the upper part of an area of highs over the second half of October 2014, the 86.39 border could then become the next resistance target.
Failing to acquire additional ground, prompt support could evolve again around the 80-price hurdle, specifically the 79.56-79.98 region. Should a price retreat mature further, the next support obstacle could arise at the blue Kijun-sen line at 78.57. If selling interest prevails, the support section of 77.21-77.93 could try to dismiss negative tendencies from snowballing beneath the Ichimoku cloud.
Summarizing, WTI oil futures are exhibiting an uptrend in the short-term picture. The positive structure remains sturdy if the price holds above the 78.57 low and the SMAs.