West Texas Intermediate is back at the $66 level after finding a pullback in the middle of last week. The commodity has been able to recover the lost ground sufficiently.
US Oil found support at $61.58 and started its rally. This gain brought the relative strength index to 57%, indicating that an uptrend can be expected.
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The Bollinger bands are wide suggesting high volatility for the short term. The bands are opening and point up, which is also an uptrend indicator.
If Oil is able to break the resistance at 66.99 it will be the first time in more than two and half months that we see the price this high.
Our parabolic SAR indicator suggests that an uptrend can be expected while price trades above the short and long term moving averages strengthening this long signal.
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