WTI Futures Struggle to Surpass 200-Period SMA

Technical analysis of Forex market

WTI crude oil futures are moving sideways, finding strong resistance at the 200-period simple moving average (SMA) and support at the 20-period SMA. The RSI indicator is falling in the positive region, while the MACD is losing momentum in the bullish region. Both are suggesting that a potential downside pullback may be on the cards in the next sessions.

A successful attempt below the short-term SMA could send the price towards the 70.60 support and the upper surface of the Ichimoku cloud, which overlaps with the 40-period SMA at 69.90. Slipping below these lines, the 67.60 support may act as a turning point for traders.

Otherwise, a jump above the 200-period SMA and the 72.41 resistance could add optimism for more bullish moves towards the 74.85 resistance and the almost three-year high of 76.20.

Summarizing, the commodity has been in a bullish phase over the last week, but the 200-period SMA behaves as an obstacle for further buying interest.