WTI crude continues to rise once again, up 1.4% on the day. WTI reached $94.25 on Wednesday, the high of the year.

Crude oil continues to rise, reaching the high of the year on Wednesday of $94.25. Yesterday saw minor profit-taking, also boosted by the comments from Fed chair Jerome Powell. The commodity is now trading at $92.24​ a barrel and remains comfortably in the bull trend for now as highlighted by applying the Bollinger Bands to the chart. A rejection along the upper band occurred yesterday, but oil is now again up 1.4% on the day. Support sits at $90.71 and then $90.48, a break below $90.48 could see a slide towards $89.58 which is the middle moving average of the Bollingers. A move below the moving average would face support at $87.84 and possibly an extension to the lower band which currently reads $85.60. Towards the upside, a break above the high of $94.25 could potentially see oil head towards the range of $96-$97 a barrel. Even though the bias and momentum continue to suggest a bullish direction, the technical indicators are a little mixed as the MACD is now flat. But the RSI is still positive as it reads 63.