WTI (1H) - short term bullish bias
Following last week's sharp decline, the oil price has stabilised above 57.50. This week's range-bound action has seen increasing buying interests to get in at the dip. The bullish RSI divergence indicated that selling pressures have lost steam. The breakout above 58.60 along with a bullish MA cross suggested that a reversal was in the making. As sentiment seems to be improving, we could see the rally to extend before the end of the week.
Key support: 58.30
Key resistance: 59.30
Following last week's sharp decline, the oil price has stabilised above 57.50. This week's range-bound action has seen increasing buying interests to get in at the dip. The bullish RSI divergence indicated that selling pressures have lost steam. The breakout above 58.60 along with a bullish MA cross suggested that a reversal was in the making. As sentiment seems to be improving, we could see the rally to extend before the end of the week.
Key support: 58.30
Key resistance: 59.30