WTI seesaws around $41.00 during the pre-Tokyo open on Thursday.

Considering the oil benchmark’s repeated failure to overcome $41.15 during the week, coupled with Tuesday’s bounce off $39.96, the rounding bottom bullish chart pattern is clearing coming up on the hourly play. Other than the upside suggesting formation, bullish MACD and the sustained trading beyond 100-HMA also favor the optimists.

Though, a clear break of $41.15 becomes necessary for the bulls to attack June month’s top near $41.65. In a case where the black gold remains positive after crossing the previous month’s high, February’s low around $44.00 will be on their radars.