A strong rebound
Oil prices have rebounded strongly over the last couple of weeks, with WTI coming within a whisker of $70 before profit-taking kicked in.
The pullback today was short-lived and after falling close to $67 it recovered the bulk of the losses to trade in between two key technical levels.
Above, $70 is an important psychological barrier that coincides with the 200/233-period SMA band on the 4-hour chart. This is also around the 55/89-day SMA band.
Below, the 55/89-period SMA on the 4-hour chart coincides with support over the last week that has been tested on a number of occasions this past week.
A breakout in either direction may indicate the direction of travel in the coming weeks.
