WTI rose back after data showed US inventories dropped by 8.2 million barrels last week.
Price action has bounced off the rising trendline (72.00) from late May while the RSI was in an oversold situation. This indicates that the ball is still on the bulls’ side. The uptrend is valid as long as the trendline remains intact.
Volatility helps buyers accumulate stakes. 72.80 is the closest support along the line. For more cautious traders, a break above 74.40 would confirm trend continuation.
