US Oil reached $73.94 and came just short of breaking that resistance at $74; this resistance might be tough to break right away as the relative strength index is overbought.
The Bollinger bands are wide and moving up, indicating a trend consolidation. The price line trades very close to the upper band, suggesting that the price is relatively high, but it might continue moving up slightly before the price finds a short-term retracement.
The RSI is currently at 73%, so it might not take long before the price starts dropping. In previous sessions, we saw the price reach 75% RSI before it started falling. We might have another pullback in the short term, perhaps a stronger retracement than before. The overall trend continues to be upwards. We will see how much the price retraces before it resumes the trend and potentially reaches another new high in more than three years.
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