WTI crude skyrocketed as the war in Ukraine could drag on pushing up energy prices. The rally accelerated after it broke above the psychological tag of 100.00.
The RSI’s overbought situation in both hourly and daily charts indicates overextension. Profit-taking may drive the price back down and let the bulls take a breather.
104.00 is the immediate support in this case. Sentiment is overwhelmingly bullish and pullbacks could be limited. 120.00 would be the next stop when volatility comes around again.
