• WTI in neutral phase in short-term
• Long-term outlook still negative
• MACD and stochastics show some positive sings

WTI crude oil completed three straight negative days after the pullback from the long-term descending trend line. In the short- and medium-term timeframes, the market seems to be in a trading range with upper boundary the 78.75 resistance level and lower boundary the 67.00 round number.

If the price remains below the 20- and 50-day simple moving averages (SMAs), another test of the 67.00 bar expected and even lower a challenge of the 17-month trough of 65.70. A successful closing session below this area could endorse the broader bearish outlook, hitting the bottom from April 2023 at 63.60.

Alternatively, any upside pressures could send the price beyond the falling trend line, challenging the 72.95 resistance. But the market needs to overcome several significant resistance lines to switch the outlook to a more positive such as the 76.65 level, the 200-day SMA at 77.00 and the 78.75 bar.

The MACD oscillator is moving sideways slightly above its trigger line beneath the zero level, while the stochastic is turning higher near the oversold zone, indicating a potential upside move.

All in all, WTI crude oil has been in a neutral phase since mid-August and the bigger picture looks to be bearish.