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WTI Crude Oil Maintaining Bullish Stance

WTI Crude Oil prices have been consolidating roughly between 105 and 107.55 for 3 weeks now. This week, price held above 105 again. The moving averages in the 4H chart (200-, 100-, 50-) are still in bullish alignment. The 4H RSI also held above 40. Price structure of the 3-week consolidation appear to be a double 3. (3 waves down, a connector, then another 3 waves down). 


(wti 4h chart, 6/27)

In the 1H chart, we can see that the moving averages are clustered together, which reflects lack of direction we saw for almost 3 weeks. We also see that the 1H RSI has tagged 30 and held below 60, which reflects bearish momentum this week. Price will have to clear above 106.30, and the 1H RSI will have to push above 60 to reflect a reversal back to the bullish mode within the 1H chart time-frame. Next week, if price then starts to hold north of 106, we should be focused on the bullish continuation scenario.


(wti crude oil 1h chart, 6/27)