WTI crude oil futures are flirting with the 109.20 resistance, which failed several times in the previous weeks to surpass it. More increases could add some optimism to the bulls for a positive outlook in the short-term and long-term.
The technical indicators are also suggesting a bullish momentum. The RSI is pointing up above the neutral threshold of 50, while the MACD is stretching above its trigger line and zero lines.
On the upside, the price could attempt to overcome the 109.20 high and retest the 116.60 barrier, which if successfully broken, could open the door for the almost 14-year high of 130.50. Should traders continue to buy the pair above that peak, bringing the long-term uptrend back into play, resistance could then run towards the 147.00 area, reached in January 2008.
A reversal to the downside, however, could find immediate support at the 20- and 40-day simple moving averages (SMAs) currently at 103.00 and 102.50. If the latter lines fail to halt the bearish movements, the next target could be the 92.20 support before meeting the 85.35 barrier.
Turning to the short-term trading, the outlook is neutral over the past month and only a decisive close above 109.20 could resume the bullish picture. On the other hand, only a significant decline below 92.20 could shift the outlook to bearish.
