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  • The bullish divergence of the relative strength index (RSI) seen in the hourly chart indicates scope for a test of supply around the falling trendline hurdle, currently at $64.70/barrel.
  • A break above $64.14 would also confirm a double bottom breakout and would allow a rally to $65.15 (target as per the measured move method).
  • The bullish outlook would be invalidated if priced find acceptance under the recent low of $63.50.
  • The WTI oil is currently trading at $62.90.

Hourly Chart

Trend: Bullish

WTI

Overview:
       Last Price:  62.88
       Daily change:  4.0  pips
       Daily change:  0.0637%
       Daily Open:  62.84
Trends:
       Daily SMA20:  67.41
       Daily SMA50:  70.02
       Daily SMA100:  69.14
       Daily SMA200:  68.54
Levels:
       Daily High:  62.9
       Daily Low:  62.71
       Weekly High:  67.73
       Weekly Low:  62.61
       Monthly High:  76.25
       Monthly Low:  64.86
       Daily Fibonacci 38.2%:  62.83
       Daily Fibonacci 61.8%:  62.78
       Daily Pivot Point S1:  62.73
       Daily Pivot Point S2:  62.63
       Daily Pivot Point S3:  62.54
       Daily Pivot Point R1:  62.92
       Daily Pivot Point R2:  63.01
       Daily Pivot Point R3:  63.11