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Oil Prices Still Looks Bullish

Last week, we saw WTI Crude Oil stall after almost tagging 44.50. The correction continued into this week, but the 1H USDWTI chart still looks bullish.

USDWTI 1H Chart 4/26

(click to enlarge)

The 1H chart shows that USDWTI has been consolidating in a slightly bearish wedge. The fact that the decline has been so choppy and only slightly bearish is a sign that bulls are still in charge. 

Also, the 1H RSI has been holding above 40 after it broke above 70 last week. This suggests that the prevailing bullish momentum is still in play. 

The 44.50 area looks vulnerable this week. Above that, there are no significant resistance until price gets to about 48.00. 

USDWTI Daily Chart 4/26

(click to enlarge)