WTI (1H) - short term bullish bias
The surge from the psychological support of 55 has put the crude price back on track. The bullish MA cross and the break above 58 were firm confirmations that sentiment has swiftly recovered. Buyers are now attempting to push to the major level of 60, but before that we would expect a few more hours of sideways action as the RSI falls back from the over-bought area. The RSI divergence may foreshadow a deeper retreat where buyers can get in at a better spot.
Key support: 57.00
Key resistance: 59.50
The surge from the psychological support of 55 has put the crude price back on track. The bullish MA cross and the break above 58 were firm confirmations that sentiment has swiftly recovered. Buyers are now attempting to push to the major level of 60, but before that we would expect a few more hours of sideways action as the RSI falls back from the over-bought area. The RSI divergence may foreshadow a deeper retreat where buyers can get in at a better spot.
Key support: 57.00
Key resistance: 59.50