WTI oil futures picked up further steam early on Tuesday to unlock a fresh 5-month high of 64.74. According to the RSI and the Stochastics, the market is trading in overbought zone, suggesting that the price could soon reverse lower. Trend signals, however, are still positive as the bullish action is taking place comfortably above the 200-day simple moving average (SMA), while yesterday’s close above the 61.8% Fibonacci of the downleg from 76.87 to 42.53 is another indication that any weakness may be short-lived. A drop below the 50% Fibonacci of 59.74 and a decisive close under the uptrend line drawn from the low on ... (full story)