WTI crude found support from the EIA’s report of a large reduction in US stockpiles. The V-shaped rebound is now testing the key hurdle on the daily timeframe (69.50).
An RSI divergence indicates a loss in the upward momentum. Short-term buyers have taken some chips off the table and caused a pullback. 67.00 is the immediate support.
A deeper retracement may send the price to 65.30. On the upside, a close above 69.50 may open the door to 73.00 and reverse an eight-week long correction.
