WTI oil prices rise from a 17-month low; technical oscillators are not in agreement.
The price of WTI crude oil has been exhibiting a noteworthy upward trend following the substantial recovery from the 17-month low of 65.70. While the stochastic showed a bearish crossover between its %K and %D lines in the overbought region, the MACD oscillator is technically rising above its trigger line.
The market may challenge the short-term declining trend line around 75.20, which coincides with the 50-day simple moving average (SMA), if there is more purchasing interest. Even higher, the 200-day SMA at 77.80 might provide a significant barrier.
Conversely, a decline below the 71.30 support level might push the bears down to the previous low of 65.70. The door may open for the April 2023 trough at 63.60 below that level.
Overall, since it peaked at 84.70 in July, WTI crude oil has been trending downward; the only thing that could shift the view to one that is more neutral is a rally above the 200-day SMA.
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