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WTI Oil – Bullish price-RSI divergence, correction likely

FX:USOIL   Crude Oil (WTI)
  • The bullish price RSI divergence seen on the 4-hr chart suggests prices could be heading higher to $40.85/barrel (23.6% of $46.06-$39.24) levels.
  • Daily RSI has almost hit the oversold territory, while the daily candle has turned positive - green hammer . This adds credence to the view that prices may correct to $40.85.
  • On the other hand, an hourly closing below $38.24 would signal failure of bullish price RSI divergence and open doors for further losses.
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Nice Analysis, what do you expect from here?
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Could you state your targets from here?
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