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WTI Crude Oil Seeking a Price Bottom

WTI Crude Oil Prices had an up and down year in 2014 rallying from a low of 91.25 in January to 107.56 in June before falling sharply to 92.61 in August. As we begin September, price is rebounding. 

When you look at the daily chart, you can see that this is a sharp short-squeeze that has upside toward the 98.75-100 area. This is a previous support/resistance pivot, and where the 200-, and 50-day SMAs reside. This is also the area between 38.2% and 50% retracement of the July-August decline. 

WTI Crude Oil Daily Chart 9/1

Looking at the 4H chart, we can see the price bottom from the last couple of weeks. The 4H RSI is above 70 so there is a overbought condition as price approaches a key resistance area around 96.50-60. There is a central pivot around 94.45-50 and if price stays above this level, the price bottom is still at work, suggesting some short to medium-term consolidation.

A break back below 94.45 however, retains a bearish outlook.

WTI Crude Oil 4H Chart 9/1