WTI crude slipped after a larger-than-expected rise in US stockpiles. A dip below the previous swing low at 78.00 has shaken out some weaker hands. A limited bounce came to a halt at 79.60 and a drop below 76.50 is a sign of renewed downward pressure. 75.50 is the next step to see if buyers would step in. Failing that, the round number at 73.00 would be in the bears’ crosshairs. The RSI’s another dip into oversold territory may lead to some bargain hunting and profit-taking but stiff selling pressure could be expected at rebounds.
