Short-term bullish bias
Key levels: downside: 67.77/ upside: 68.55
The oil price has broken above the daily resistance of 68.35 from last November as trend followers maintained the bullish pressure. The next significant resistance is near 71 should buyers find enough strength to rally higher.
On the 4H chart, the bullish candle that broke above 68.10 was a clear signal that the uptrend is still prevailing. The MAs are key support levels where buying interests can be found. However, the RSI divergence would suggest a slowdown in the rally that traders need to be aware of. On the hourly chart, the price is retracing towards 67.80. If it holds well, we could expect renewed strength on the upside.
68.55 would be the resistance and immediate target for buyers. On the downside, a break below 67.77 could dent the bullish enthusiasm.