WTI (1H) - short term bullish bias
The oil price is looking to consolidate its gains after rising through the psychological level and the September high of 62. The surge overnight was a sign of strong bullish sentiment that is likely to continue to fuel the rally. As the RSI shot into the over-bought area, the price pulled back to take a breather. We would expect the price to rebound after a few hours of consolidation as more buyers join in. 62.30 is the immediate support level to maintain the current optimism.
Key support: 62.30/61.10
Key resistance: 65.20
The oil price is looking to consolidate its gains after rising through the psychological level and the September high of 62. The surge overnight was a sign of strong bullish sentiment that is likely to continue to fuel the rally. As the RSI shot into the over-bought area, the price pulled back to take a breather. We would expect the price to rebound after a few hours of consolidation as more buyers join in. 62.30 is the immediate support level to maintain the current optimism.
Key support: 62.30/61.10
Key resistance: 65.20