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Brent crude price extended its gains in the intraday levels, while buoyed by trading above the 50-candle SMA, amid the dominance of the upward correctional wave, with positive signals from the Stochastic, however we notice it has reached overbought levels compared to the price’s movements.
US crude oil prices rose in the intraday levels and managed to vent off oversold saturation that was apparent in the Stochastic, until it reached overbought levels compared to the price’s movements, thus sending out negative signals, with the dominance of the main downward trend as the price trades alongside a secondary short-term trend line, while the price is hurt by a recently forming negative Rising Wedge pattern.
