WTI Oil Futures Poised for Bullish Start to New Year

WTI oil futures are gaining positive momentum above short-term SMAs, signaling a potential bullish cycle for the new year. Prices have recently climbed above both the 20-day and 50-day simple moving averages (SMAs), indicating a possible continuation of the recent rebound.

The rising RSI and MACD further support this positive scenario, with traders eyeing a solid close above the nearby resistance of $71.90-$72.50 for confirmation. A breakout above this level could lead to a pause near $74.10, followed by a move towards the $75.20-$76.40 region where the 200-day SMA and long-term trendline are located.

On the flip side, if bears push the price near $72.00, we may see a retreat towards the $69.00-$70.00 area. Further downside could target the critical $66.70-$67.40 region, potentially leading to a decline towards the 2024 low of $64.60.

In summary, WTI oil futures are showing strong potential for a bullish cycle, with a confirmation signal expected above $71.90-$72.50.

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