It has been an active early session for WTI crude oil. Buyers have entered the market in force, prompting a rally of more than 150 ticks. After the strong bearish trend of Friday, market participants have initiated a full-scale buyback.

The catalyst behind today’s action is debatable. With this week’s inventory cycle still a day away, the “why” behind the bullish intraday trend is a bit of mystery. At this point, volatility in the Russian markets is being given some of the credit. After crashes in equities and extreme activity in the ruble, many are questioning the future of Russia’s petroleum industry.

WTI Crude Oil Technicals

Today’s action in May WTI crude oil futures has been overwhelmingly bullish. Intraday charts are trending higher, breaking above topside resistance on the daily timeframe.

Here are the levels to watch for today:

• Resistance(1): Friday’s High, $63.79
• Support(1): Bollinger MP, $63.16
• Support(2): Daily SMA, $62.95

Bottom Line: At press time, WTI crude is pushing session highs above the $63.50 handle. The $63.00 area is set up as premium intraday support. For the remainder of the session, I will be looking to scalp pullbacks to the long from the Bollinger MP at $63.16.

A tight 1:1 risk/reward management plan looking for a profit of 10 to 15 ticks is an affordable way to join the action. If a pullback does develop, entry from just above $63.00 is good trade location to the bull.