OIL prices have been steadily rising since early September from 67$ towards 72-73$ area. Price remains in a bullish trend and I believe we could see prices surpass 74$ and reach close to 75$.
In the 4hour chart the RSI is diverging. It would be a bearish sign if the RSI broke below the green upward sloping support trend line. In the Daily chart we also observe a bearish divergence but I believe a new marginal higher high could be seen in order for the RSI to touch the downward sloping trend line resistnace
In general I see Oil prices trying to reach higher levels but I would not be chasing the bullish case now. I would wait for the new higher high and look for bearish setups as I believe a pull back towards 70$ is highly probable.
The weekly chart below shows bearish divergence signs as well. Bulls need to be very cautious.
Thank you for taking the time to catch up on my thinking.