Below is a chart of the weekly continuous WTI Future.
While we are entering the US driving season - price is getting ripe for a bullish move higher if it can manage to break-through overhead resistance between $51 - $52 with conviction. If it manages to do this, next area for resistance would be the 1Q15 highs just above $54 and then the 2Q15 highs between $62.00 - $62.50.
MACD had a bullish up-cross during mid-Q1 since with an expanding +ve histogram. However, the histogram has recently come off marginally from 2.43 during late-May to 2.39 currently. Despite the recent weakness - this is still bullish. Stochastics became oversold during Q1 and have since formed bullish higher-lows with %K now inside the bullish continuation region (83.72). This is a bullish signal.
The first-step is to see price move hard above $52 with conviction before confirming bullish bias.
This set-up has the potential to be bullish over the next 6mths. DYOR.
