- 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
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