WTI Oil Technical Analysis: Trades above $51.00, 50-day MA is the level to beat for bulls

The 50-day moving average (MA), currently at $51.84, is the level to beat for the WTI bulls. As of writing, oil is changing hands at $51.07 per barrel, having clocked a low of $50.66 earlier today.

Daily chart

• As seen above, oil's recovery rally from the Dec. 24 low of $42.40 failed to take out the 50-day MA hurdle for three trading days straight.
• As a result, a daily close above that MA hurdle is needed to revive the bullish view.

4-hour chart

The 50-day MA hurdle could be put to test again, as the higher lows (rising trendline) are still intact. Further, the 50-candle MA has crossed the 200-candle MA from below, signaling the path of least resistance is on the higher side.

A violation of the rising trendline, however, would imply an end of the recovery rally from the Dec. 24 low of $42.40.

Trend: bullish above 50-day MA