WTI futures for July delivery advanced to a fresh six-week high of 33.05 on Monday before pulling slightly back, opening the way for more bullish actions on the 4-hour chart. The price has been creating an upside trend since April 28, and the 20- and 40-period simple moving averages (SMAs) posted a bullish crossover in the preceding sessions, backing the positive structure. The technical indicators send overbought signals, suggesting a possible pullback. The RSI has peaked above the 70 level and is heading south, while the MACD is losing momentum in the positive area. A potential decline could send prices near the ... (full story)