WTI rallies back as US crude stocks fell more than expected. A fall below 82.00 has renewed the pressure on the buy side by invalidating the recent rebound. Trend followers may take this as a signal to add their stakes. The price is hovering above this year’s low at 75.00 with some bargain hunting off 77.00. An overbought RSI may limit the upside. The support-turned-resistance at 83.40 coincides with the 20-day moving average and could be a congestion area. Further up, stiff selling would be expected in the supply area next to 87.00.
