WTI bulls making tracks after Trump's signing off, headed to $65 handle?

• WTI on the path to $65.83?
• WTI bulls run higher on lower US yields and DXY.

WTI has continued its recovery from the $63 handle and is making fresh highs as the NY session continues with a weaker dollar and lower US yields.

WTI has rallied to make a high of $64.36 while the DXY is trading just off its lowest point of the day at 90.1540 vs a range of between 90.1370-90.5880. US yields are lower as trading inversely to a stronger bond market in the US on the back of President Donald Trump signing legislation to temporarily end a multiday, partial shutdown of the government until Feb 8th. 

A bullish case for WTI

At the same time, there is optimism growing over reducing a global glut of oil while traders get set for today's API data. We also get the supply data on Wednesday from the Energy Information Administration. Last week, the EIA reported that domestic crude supplies fell 6.9 million barrels for the week ended January 12.

Meanwhile, the price action in WTI is bullish with a move that started on Monday when Saudi Arabia’s energy minister Khalid al-Falih explained that there could be an extension to the 'accords' production cuts and beyond 2018.

WTI levels

WTI is extending above the hourly MA's with both RSI and momentum picking up towards overbought levels, with still room to go on the top side into such territory while the 4-hr charts paint the same bullish picture. On a daily basis, the 10-D SMA has been breached in a consolidated range between 62.74 and recent aformentionedhighson the 64 handle. The weekly stick shows that the 10-DWSMA is up through the 200 of the same with the price above the key 62.80 mark and previous resistance back in April 2015. Nov 14 lows were set at 65.83 as next target to the upside.