The oil price has been inching up along a trend line from 8 October. While the medium term outlook is far from rosy, the pullback has some long opportunies on the table for short-term traders. Diverging moving averages are a sign of acceleration to the upside. The price is set to challenge the previous high of 60.70 after its rally above the key intermediate resistance of 59.70. The RSI is yet to show an over-extension and leaves enough room for buyers to join in.