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WTI Crude Oil in Bullish Continuation Attempt

Recently, we saw oil prices retreat. WTI Crude has rallied from a low around 26.15 up to 41.80 before stalling. It retreated to almost 35 before finding support.

In April so far, it has been able to climb back above 38 as we can see in the 4H chart.

WTI Crude Oil 4H Chart 4/7

(click to enlarge)

As we can see in the 4H chart, WTI Crude has broken above a falling trendline, signaling possible bullish continuation. It is at least a sign that the bearish outlook is struggling. The RSI pushing above 60 shows loss of the prevailing bearish momentum from the 2 weeks before the April rebound. 

Now, the next key challenge to the upside will be around 38.60-39, which involves the 200-period simple moving average and a support/resistance pivot. To the downside, 36 will be a critical level. A break below revives the bearish scenario, while a hold above it confirms that bulls have taken over. 

WTI Crude Oil Weekly Chart

(click to enlarge)

Looking at the weekly chart, I would limit the current bullish outlook to the 43.35-45 area, which involves a support/resistance pivot and the 50-week simple moving average. 

Bullish Targets:
I: 40
II: 41.90-42
III: 43.35-45

Bearish Targets below 36: 
I: 34-34.30
II: 30
III: 26.15