USOIL Recovers From Daily Support

The oil price has recouped some losses from concerns about vaccine rollouts and new lockdowns in parts of Europe.

The RSI has recovered into the neutral zone as the price found support in the demand area around 58.50 on the daily chart. WTI is now at a crossroad as a deeper retracement could trigger a reversal.

Otherwise, what is happening could be a mere three-wave correction. As for now, the 38.2% Fibonacci level (62.00) is the next resistance.

The uptrend may only resume if buyers can push through 64.80 once again.

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