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.
