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WTI Crude Pushing at its Triangle Resistance

Oil prices have finally stabilized in February, after making a low just below 44. Price has since rallied to above 54 and started to consolidate. The 4H chart shows WTI Crude consolidating in an ascending triangle with the 2/17-2/18 price action pushing at the resistance around 54 again.

WTI Crude 4H Chart 2/18


(click to enlarge)

Although there is resistance, the technical picture looks bullish at least in the near-term. Price is above the 200-, 100-, and 50-period SMAs in the $H chart, and the RSI has tagged 70, and stayed mostly above 40 in February, which reflects bullish momentum developing this month.

If price does push above 54, WTI Crude might expose the 60 handle, or perhaps a common high in a previous consolidation around 58.70. 

WTI Crude Daily Chart 2/18
(click to enlarge)

Above 60, there is another resistance around 65, where the 100-day SMA and a previous support area reside. However, we should limit the outlook to 58-60 area for now, since the prevailing downtrend is still strong. We can have stronger bullish outlooks if price action cab again confirm 50 as support.