WTI: technical analysis for June 3, 2022 (US labor market data looming)

Crude trades lower after the recent increase. The price is now above 114.40 ahead of fresh data on the US labor market. The market may show a mixed reaction to the results. If sentiment changes, crude will go down. Otherwise, the uptrend will extend.

Technical picture:

The price is below the middle Bollinger band, the SMA 5, and the SMA 14. The Relative Strength Index tests line 50, signaling a weaker downtrend. There is the stochastic crossover in the oversold zone.

Technical picture:

The price may fall to 111.70 in case of consolidation below 114.40.