WTI crude continued upward after the IEA warned inventories in OECD countries were at their lowest levels.
The rally may accelerate in the medium-term after the bulls clear last October’s high at 85.00. However, the RSI has shot into the overbought area on the daily chart.
Bearish divergence on the hourly time frame suggests a slowdown in the short-term momentum. Price action could be due for a pullback. 84.70 is the first support and 88.00 is the resistance when the price bounces back.
