WTI OIL enters correction after repeated upside failure

WTI oil price moved lower on Tuesday, pressured by stronger dollar and overbought techs which suggest correction.
Oil price posted marginally higher high at $64.87 on Monday (the highest in more than three years) but was unable to sustain gains.
Corrective action looks as likely scenario in the near-term, as overbought daily indicators turned south and are about to generate stronger bearish signal on reversal from overbought territory.
Corrective pullback eyes initial support at $63.08, but could extend towards next significant points at $61.51 (Fibo 38.2% of $56.08/$64.87) and $61.00 (rising 20SMA) on stronger bearish acceleration.
Overall bullish structure favors further advance after correction, as strong bullish sentiment on OPEC-led production cut which reduced global oversupply, is expected to drive oil price higher.
Broader bulls will be looking for test of next target at $66.72 (50% retracement of $107.40/$26.04) after completion of corrective phase.

Res: 64.87; 65.00; 65.88; 66.72
Sup: 63.75; 63.08; 61.79; 61.51