Oil Technical Analysis: WTI pumping up and breaking above the 200-day simple moving average

Oil daily chart

• Oil broke above 61.55 resistance and the 200-day simple moving averages (SMA) suggesting a bullish bias.

Oil 4-hour chart

• Crude oil WTI is trading above its main SMAs suggesting a bullish bias in the medium-term.

Oil 30-minute chart

• Bulls are looking for a break above $62.50 a barrel. The next resistances are seen at 63.00 and 63.50 level. 
• Support is at 61.60, 61.25 and 60.75 level.

Additional key levels