WTI lost 1.65% on Monday and could potentially lose more ground in the short term; however, there are some indications that the price could reach a higher level in the long term.
The relative strength index is currently at 66%, recovering from an overbought status that lasted five trading sessions. We have seen West Texas Intermediate reach levels not seen since October 2018.
The short and long-term moving averages spread continues getting wider, indicating that the general trend is still upwards. The price could find a strong support level at $70.43 in the event of a temporary downtrend; this will help the RSI to drop, and eventually, the price would continue its uptrend.
The Bollinger bands are shrinking, and the trend is consolidating around $73. The price might have to drop even more for the commodity to continue its uptrend.
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