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WTI Futures Rises Above Short-Term SMAs

WTI crude oil futures have been in a strong positive movement over the last 4-hour sessions, following the turning point at the 61.75 support level. The price jumped above the short-term SMAs and is moving towards the Ichimoku cloud. The RSI is approaching the overbought territory, while the MACD is holding above its trigger and zero lines.

The price is heading towards the 67.50 barrier before potentially resting around the 69.45 resistance, which overlaps with the 200-period SMA. If the buying interest persists, the move towards the 71.18 barrier could switch the bearish bias to neutral.

On the flip side, a decline beneath the SMAs could open the way for a retest of the 61.75 support, before heading until the 58.70 level, taken from the trough on April 12.

In brief, oil prices have been in a declining mode over the last month and only a climb above the 200-period SMA may change this bias.

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