12-3 WTI Crude Oil Evening Thoughts

Oil prices tested previous lows again in the afternoon, then rebounded sharply from the lows. The hourly chart has seen four consecutive bullish candles, and the upward trend is strong. The short-term resistance above is at 59.64 and 59.36; a breakout will continue the upward test of the previous high at 60.

In the evening, a pullback to around the support of 59-58.8 is valid for a short position.