Crude Oil has been bullish since April last year, when US WTI came back to life from $ -37.50. The bullish run stopped for a while in September and October, but it resumed again in November, as the decline in the US continued after the US presidential elections.
As a result, oil pushed higher, breaking above $ 50 in January and above $ 60 in February. During this period, moving averages were doing a great job in providing support during retraces lower, pushing the price up and making higher highs.
The 100 SMA (green) has held as support when the pullbacks have been deeper, while the 50 SMA (yellow) has been doing that job when the trend has picked up pace. Last week, US WTI Crude pushed close to $ 64, but it is reversing down today. Although, we are waiting for the 50 SMA to catch, so that we can try to open a buy forex signal in crude oil.
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