Relevance up to 08:00 2022-05-12 UTC + 00
Oil is actively recovering on Wednesday, thanks to growing risk appetite ahead of the release of US inflation data for April, which is expected to show a noticeable drop after reaching a local high in the previous month. If the figure really turns out as such, the price will continue to climb up to the recent local high. Positive sentiment is also due to the fact that the Fed may be prompted to take a break in raising interest rates.
The quote is below the middle line of the Bollinger indicator, above the SMA 5, but below the SMA 14. The relative strength index (RSI) is below 50%, but is turning up, while the stochastic indicator is rising steadily.
An increase above 102.65 may lead to a local rebound to 110.75.
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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