Oil loses its bullish momentum

WTI oil has tried to back to its bullish trend since it bounced to the upside from the 58.00 level where we can also find the 200 week EMA. On the 58.00 level, the price of oil made a double bottom formation, which is a bullish reversal pattern. The price of WTI oil completed the double bottom formation and headed to the 55 day EMA (purple line), where a breakout and pullback pattern was formed. The commodity has also completed and confirmed the breakout and pullback pattern and that is why it has headed higher. However, once the price reached the 64.00 level, the bullish momentum died out. From the current level, WTI oil may try to pull back to the 61.00 level where we can find the 55 day EMA. To the upside, the 65.00 level may act as resistance, followed by the high at the 66.59 level.