- 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.
