WTI Crude Oil - Crude Oil may have found a great support area here along the 200MA. A nice set up for a push higher again

Taking a look at WTI crude oil on the weekly timeframe as it is once again along the key support of the 200-day moving average. Currently, the commodity is trading at around $73.74 a barrel. The support along the 200MA reads $71.87, which has been tested earlier in the week. WTI tried to move higher on the week commencing 22^nd of January, but as we can see the following week all the gains were erased. Simply put, back to square one. JPMorgan analysts remain fairly positive on oil prices going into Q2 as tensions in the Middle East continue to weigh. Additionally, oil giants have performed well regarding their earnings, which should boost investor sentiment. Therefore, attracting buyers hoping for a post-earnings effect, if oil stocks rise then the price of oil should as they are somewhat correlated. A break and close below the 200MA would need to test the support of $67.93 before any further potential moves lower. Towards the upside, the key resistance now sits at $79.24. A break above this resistance could see oil rise higher towards $82-$83 a barrel. Looking at the technical indicators, the is negative but looks like it could turn positive and the RSI is now neutral as it reads 45.