The energy commodity rose more than 8% in a single trading session but came back down to close the day with a 2.04% win. The price reached its highest level in more than seven years after the markets speculated over Russia's invasion of Ukraine.
The Bollinger bands are wide and they are opening up more aggressively, especially the upper band, which indicates that the price is likely to continue rising in the upcoming sessions; if the band does not open up, we might see a slight retracement, this is of course from a technical analysis standpoint, fundamental factors at this point have far more influence on the price.
The relative strength index is at 72% which is overbought, we have seen Brent Oil stay overbought and continue climbing in the past, now with the current market situation there is a high chance that the RSI will go even higher. UK Oil might get close to the new 7 years high in the upcoming sessions.
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