The bullish momentum on oil could accelerate

WTI oil has had a very good bullish momentum amid the continuation of production cuts of crude and the possibility of a rise in demand from China as the Chinese economy keeps expanding. WTI oil reaches a high around the 55.00 zone, level that was last touched on January 1^st of this year. If the price manages to break above the 55.00 level, then WTI oil would be entering a new bullish trend in the midterm. The MACD indicator is showing us that the bullish trend is gaining strength, therefore a bullish continuation of WTI oil is possible. If the price retraces to the downside for whatever reason, then its closest support level is at the 52.00 zone, followed by the 50.00 zone. The 55 day EMA and the 200 day EMA could also act as support.