Although prices dipped after reaching the local high of 108.00, the trend in the oil market remains bullish as growing risk appetite and current geopolitical tensions will support oil, especially amid fears of supply shortage.
technical picture:
The quote is currently above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI), meanwhile, is above 50%, but indicates a weakening of growth, while the stochastic indicator is in the overbought zone.
Possible dynamics:
An increase above 107.50 will most likely lead to a further rise to 110.90.
