US crude oil prices recently showed prices surging upwards, depicting a long-bodied bullish candlestick. The threat of geopolitical risks is one of the reasons for rising oil prices.
Oil prices hit a high of 83.10. Apart from geopolitical risks, this increase in oil prices is also possibly caused by US economic data released yesterday showing a contraction in the US economy which made the USD weaken.
In addition, summer is expected to increase oil demand due to the need for engine cooling
XTIUSD technical analysis today
WTI gold prices strengthened and formed a lower high on yesterday's candlestick and reached a high level of 83.10. The price is now moving below the upper band line. Widened Bollinger bands reflect high volatility with wider deviations.
The 50 MA in the D1 time frame is near the middle band line drawing a flat channel indicating a possible long-term trend transition.
The RSI indicator is pointing to level 64 which means the price is above the uptrend level.
On the H1 timeframe, the price moves below the upper band line, and the candlestick pattern that forms indicates that the price is consolidating after yesterday's rally. Bollinger bands appear wider, indicating high market volatility. The 50 MA is below the center line forming an ascending channel indicating bullish sentiment.
On the other hand, the RSI indicator is pointing to level 59 which means the price is moving above the uptrend level near the overbought zone.
Oil prices hit a high of 83.10. Apart from geopolitical risks, this increase in oil prices is also possibly caused by US economic data released yesterday showing a contraction in the US economy which made the USD weaken.
In addition, summer is expected to increase oil demand due to the need for engine cooling
XTIUSD technical analysis today
WTI gold prices strengthened and formed a lower high on yesterday's candlestick and reached a high level of 83.10. The price is now moving below the upper band line. Widened Bollinger bands reflect high volatility with wider deviations.
The 50 MA in the D1 time frame is near the middle band line drawing a flat channel indicating a possible long-term trend transition.
The RSI indicator is pointing to level 64 which means the price is above the uptrend level.
On the H1 timeframe, the price moves below the upper band line, and the candlestick pattern that forms indicates that the price is consolidating after yesterday's rally. Bollinger bands appear wider, indicating high market volatility. The 50 MA is below the center line forming an ascending channel indicating bullish sentiment.
On the other hand, the RSI indicator is pointing to level 59 which means the price is moving above the uptrend level near the overbought zone.
