Oil prices are caught in a bid, rising to a two-week high. The gains came after President Trump’s announcement about a possible OPEC supply cut.
WTI crude oil rose to intraday highs of 27.31 before retracing some of the gains.
Despite the short term gains, the hidden divergence suggests that price action will be forming a bottom in the near term.
In the event of a break down below 22.00, then we expect further consolidation or a possible decline further.