The increase of oil reserves in the US, as evidenced by the data presented yesterday, as well as the prevailing pessimism in the markets regarding the global economic outlook, may lead to a local decline in oil prices.
Technical picture:
The quote is currently under the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and shows a downward reversal, while the stochastic indicator is still growing above the oversold zone.
Possible dynamics:
A decline and consolidation below 108.55 will provoke a local fall to 100.65.
