Brent and WTI still trade in the wide sideways range. The price can't go down amid increasing demand uncertainty due to high recession risks as well as geopolitical developments in Ukraine. The market is clearly willing to buy oil contracts on a decline, which may be a good trading strategy.
Technical picture:
The price is above the middle Bollinger band, the SMA 5, and the SMA 14. A crossover of the moving averages signals to buy the instrument. The Relative Strenght Index is above 50, indicating the likelihood of a bullish move. The Stochastic is in the overbought zone and is uninformative.
Daily forecast:
A breakout and consolidation above 112.55 may lead to a rise to 116.30.
