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  • WTI oil has hit session highs above $58.40 after a bullish daily close.  
  • Intraday charts are reporting overbought conditions.  
  • A pullback to $58.00 could be seen in the next few hours.  

WTI’s rise to session highs above $58.40 could be short-lived and prices could deflate to $58.00 over the next few hours, according to technical charts.  

On the 15-minute chart, the relative strength index is creating a bearish divergence (lower highs).  

Further, the indicator is reporting overbought conditions with an-above 70 print on the 4-hour and hourly charts.  

Hence, WTI could soon come under pressure. The dips to or below $58.00, however, could be short-lived, as the daily chart moving average convergence divergence histogram has turned bullish and the Black Gold printed a bullish daily close above $57.62 on Tuesday.  

15-minute chart

Trend: Pullback likely

Pivot points