WTI crude bounced back after data showed Chinese demand rose its highest since February. A close above the previous high of 81.30 has been short-lived with the rally hitting a roadblock at 82.20, right under December’s high of 83.00. A break below 79.00 has forced leveraged buyers to bail out. Not all is lost though, this might be a correction after a bearish RSI divergence showed exhaustion on its way up. 78.00 on the 20-day moving average saw renewed interest. 76.00 would be the bulls’ second layer of defence.
