WTI oil futures’ latest upside push is confronting the upper Bollinger band around 65.38, although current positive impetus appears somewhat frail. Not too far back the commodity formed a support base around 57.25-58.14 after retreating from the 28½-month peak of 67.96 and has since then been adhering to the lower boundary of an ascending channel. The climbing simple moving averages (SMAs) are defending the bullish structure, while the slight fading in the slope of the 50-day SMA is suggesting that the price could retest the lower band of the channel. The short-term oscillators are reflecting some waning in positive ... (full story)