WTI crude holds onto its gains after a larger-than-expected decrease in US inventories. The price had met stiff selling pressure at 73.00 where the August sell- off started.
A bullish RSI divergence in the demand zone of 69.50 indicates a loss of momentum in the retracement. A rebound above 71.30 is a confirmation that buyers are still in the game and a bullish MA cross may suggest an acceleration in the rally.
A break above 73.00 would lead to the next daily resistance at 74.00. 70.60 is the first support in case of a pullback.
