WTI Oil Technical Analysis: Overbought after 3.5-year high

• Oil rose to a 3.5-year high of $73.05 yesterday - the highest since November 2015, but looks overbought as per the relative strength index (RSI) on the hourly chart. The RSI on the 4-hour chart is also flashing overbought conditions.
• A minor pullback could be in the offing.

Hourly chart

Current Price: $72.57

Daily High: $72.65

Daily Low: $72.42

Trend: Bullish, but minor pullback likely

Resistance

R1: $72.79 (R2:1W)

R2: $73.05 (previous day's high)

R3: $74.89 (R2-1M)

Support

S1: $72.26 (S1-D1)

S2: $72.20 (S2-D2)

S3: $72.13 (S3-D3)