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USOIL Rises Above Major Resistance

WTI crude price consolidates gains as US inventories slash another 8M barrels. By clearing the resistance at 66.30, a major level from the previous sell-off the price action has signaled a bullish continuation.

March’s high at 67.90 would be a formality as the rally gains impetus. However, an overbought RSI shows signs of over-extension.

There is limited downside risk if trend followers wait for a pullback to jump onboard. 65.00 would be the first support to look for.

Further down, 62.90 is critical in keeping optimism intact.

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