Daily chart – index is well into overbought territory, is yet to hit overbought levels.
Overall, it appears the prices are likely to stay upbeat, although overbought index could take the wind out of the momentum, thus leading to short-term sideways action around $46.-48 before a final sprint at neckline hurdle of $51.95 is made.
Baker Hughes oil rig count number due today could make/break the current rally in oil prices.
Check out why many London City experts believe the rally contradicts fundamentals in our show titled - London open: oil rally – shaky fundamentals, slope of hope - 17/08/16
Link - http://www.tiptv.co.uk/article/VideoServiceChannel16363/40419