The energy commodity started an uptrend on August 24th. The price made strong gains in a short period of time, which led to a price correction. The pair gathered strength and continued its uptrend. In the last 19 trading sessions, it has made over 16%.
The Bollinger bands are closing up aggressively now, volatility should be lower in the upcoming days, and it's possible that we could see a new pullback as the price trades closer to the upper Bollinger band, suggesting it is relatively high.
The relative strength index is currently at 61%, which conflicts with the Bollinger bands suggestion of a downtrend as the RSI has not reached an overbought status.
The short and long-term moving averages crossed just a few sessions ago, confirming the trend reversal. The gap between the lines continues increasing, and we would expect the price to continue rising after a pullback.
Our parabolic SAR indicator suggests that the price will continue its upward trend.
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