FX.co ★ Technical update for WTI (CL): Expect crude oil to rebound

Oil prices are recovering because markets are starting to doubt that the measures announced by US President Joe Biden will solve the problems in oil demand in the US. As a result, quotes are turning up, despite the ongoing geopolitical tensions in Ukraine.

Technical picture:

The price is above the middle line of the Bollinger indicator, above SMA 5 and SMA 14. The RSI is also above the 50% level and indicates a likely weakening of growth. The stochastic indicator, on the other hand, is in the overbought zone.

Trading recommendations:

A consolidation above 107.85 may lead to a rally to 114.50.