Oil Price Forecast: Short-term rising channel keep WTI buyers hopeful above $32.00

• WTI June Futures step back from the intraday high of $32.91.
• A four-day-old rising channel above key HMAs keeps bullish momentum intact.
• Overbought RSI conditions offer intermediate pullback.

WTI retreats from the intraday top of $32.91 to $32.70 by the press time of Tuesday’s Tokyo open. Even so, the black gold remains 3.32% positive on a day. It’s worth mentioning that the oil benchmark surged to $33.10, a nine-week high, on Monday.

While overbought RSI conditions signal the quote’s further pullback towards the said channel’s support line around $31.70, 100-HMA around $30.00 will be the key to watch afterward.

Should the bears keep the reins past-$30.00, a 50-HMA level of $27.88 could gain market attention.

Alternatively, the recent high of $33.10 and the channel’s resistance close to $33.50 can keep the pair’s near-term upside capped.

If at all the bulls manage to conquer $33.50, March month top near $36.35 will be on their radars.

WTI hourly chart

Trend: Bullish