Oil hit a new local high after dollar demand weakened and market sentiment improved. Many hope that this momentum will continue amid strong demand, and keep the global economy from falling into recession.
Technical picture:
The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI) is in the overbought zone and is moving horizontally, while the stochastic indicator just entered the overbought zone.
Possible dynamics:
Growth and consolidation above 114.50 will provoke a further price increase to 116.70.