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24.05.202213:19 Forex Analysis & Reviews: Technical review for WTI: price consolidation may briefly occur

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Oil prices have been hit hard by two opposing factors. On the one hand, there is a continued high demand for energy resources, which supports prices, while on the other hand, there is a risk of a new conflict in the US, Taiwan and China. Any easing of tension on this issue will resume price growth, while a continued tension will put pressure on the quotes.

Technical picture:

The quote is currently below the middle line of the Bollinger indicator, under the SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and is gradually declining, while the stochastic indicator entered the oversold zone.

Possible dynamics:

A rise above 109.00 may provoke a local growth to 115.30.

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