WTI Oil Technical Analysis: Recovery rally likely on bull RSI divergence

The bullish divergence of the relative strength index (RSI) seen in the hourly chart indicates scope for a test of supply around the falling trendline hurdle, currently at $64.70/barrel.
A break above $64.14 would also confirm a double bottom breakout and would allow a rally to $65.15 (target as per the measured move method).
The bullish outlook would be invalidated if priced find acceptance under the recent low of $63.50.
The WTI oil is currently trading at $62.90.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

WTI

Overview:
    Last Price: 62.88
    Daily change: 4.0 pips
    Daily change: 0.0637%
    Daily Open: 62.84
Trends:
    Daily SMA20: 67.41
    Daily SMA50: 70.02
    Daily SMA100: 69.14
    Daily SMA200: 68.54
Levels:
    Daily High: 62.9
    Daily Low: 62.71
    Weekly High: 67.73
    Weekly Low: 62.61
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 62.83
    Daily Fibonacci 61.8%: 62.78
    Daily Pivot Point S1: 62.73
    Daily Pivot Point S2: 62.63
    Daily Pivot Point S3: 62.54
    Daily Pivot Point R1: 62.92
    Daily Pivot Point R2: 63.01
    Daily Pivot Point R3: 63.11

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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