Brent oil found a four-day winning streak where the pair has made almost 4%. It broke the $71 barrier and hit a record high in more than two years. The price reached $71.44 earlier in the trading session.
The Bollinger bands are opening aggressively, which will cause high volatility for this pair in the short term. The price trades closer to the upper band, some traders might consider the price relatively high, but as long as the bands keep getting wider, we believe the price could continue to go up. Moving averages continue expanding, and the price trades above our short and long term MA’s
The relative strength index is currently at 63%, enabling the pair to continue its uptrend for the short term. When the RSI gets closer to 70%, we could start seeing a pullback, potentially below the $70 line.
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