FX.co ★ Technical review for WTI: growth may resume

Oil remained in a side channel because traders are worried that the world economy will fall into a recession. Another factor was the geopolitical tensions in Ukraine, which until now, has significant impact on prices. But today, it is likely that oil will rise because of positive market sentiment and growing demand for commodity assets.

technical picture:

The quote is currently above the middle line of the Bollinger indicator, under the SMA 5, but above the SMA 14. The relative strength index (RSI) is above 50% and shows a possible price increase, while the stochastic indicator is still on the decline.

Possible dynamics:

A rise and consolidation above 110.80 may provoke a local growth to 115.30.