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18.05.202212:59 Forex Analysis & Reviews: Technical review for WTI: price is likely to increase again

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Although oil corrected below 114.50, it is still supported by factors such as the geopolitical tension in Ukraine and reluctance of OPEC to meet the West and increase oil production. Those keep prices high, along with the decline in stocks of oil and petroleum products from the American Petroleum Institute (API).

technical picture:

The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. Meanwhile, both the relative strength index (RSI) and the stochastic indicator are above 50%, moving up from the overbought zone.

Possible dynamics:

Growth and consolidation above 114.50 will provoke a further increase to 116.70.

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