• Crude oil increases on Monday by over 2.5%, trading nearly 62.60 USD after an early session to USD 63.25.
• WTI rises below 50-day EMA after USD 62.70, which has been constrained from mid-May.
• Technical indicators indicate the improvement of the shoot, but you need to confirm the stubborn breakthrough.

On Monday, the edges of the West Texas Intermediate (WTI) oil above, starting a week in stronger positions as a weaker American dollar (USD) and persistent geopolitical tensions between Russia and Ukraine are still at the basis of market moods.

At the time of writing, WTI trads nearly 62.60 USD, which is over 2.5% during the day, after a growth by up to 4% in the early Monday session. Despite the forceful endowy rally, the prices remain constrained just below the 50-day interpretation of the movable medium (EMA) to the 62.70 USD-cluster resistance zone, which has constrained tests of pluses from mid-May.

The latest augment in prices occurs even in the case of organization of oil exporting countries (OPEC) and its allies, known collectively as OPEC+, confirmed on Saturday 411,000 barrels a day (BPD) in July, marking the third monthly augment in this size. This movement was widely expected by markets, and traders noticed that the growth was already priced.

According to the Reuters report, the sources similar to the discussions said that a larger journey was considered. “If they went through a surprise, a larger amount, Monday’s open price would be really ugly,” said Harry Tchilyliurian, an analyst at the Onyx Capital Group.

From a technical point of view, WTI shows early signs of a stubborn momentum, but the decisive breakthrough has not yet materialized. He tries to break free from consolidation, which has constrained the price campaign since mid -May. After many unsuccessful attempts to violate the level of psychological support in the amount of 60 USD, prices have increased rapidly, and the bulls are now testing the upper limit near USD 62.70. The short-term structure is positive, although a clear break above 50-day EMA remains crucial for further grip.

At the time of writing, WTI trads around 62.50 USD, floating just under the 50-day EMA. Daily approaching above this level would probably open the door to the continuation of the next key resistance of around 65.50 USD-level, which has constrained profits from mid-April. On the other hand, rejecting current levels can invite the renovated sales pressure, especially if macroeconomic moods change the risk. Rejection in a 50-day EMA may cause profits among short-term traders and strengthen a wider consolidation model by dragging prices back to the support zone of $ 60.00. A constant traffic below, which can reveal further drops in the direction of $ 58.00.

The shoot indicators show signs of recovery, but the belief remains constrained. The relative force indicator (RSI) increased higher towards the central line, currently sitting nearly 54.20, suggesting a neutral rush to bullistic. Meanwhile, the discrepancy of the movable medium convergence (MacD) flirts with a stubborn crossover, although the histogram remains tiles, suggesting a careful shift of the sentiment, and not confirmed the reversal of the trend.