West Texas Intermediate hits its highest level since late November 2014. The price managed to break the previous high from October 2018 and fund itself in the best scenario in more than six years.
The pair reached $76.95 earlier this week; it fell shortly after as the price was considered relatively high. The relative strength index entered an overbought status which naturally drove the price down after a few sessions.
The price trades close to the upper band, and we could see the price reach the 72.32 support level to allow the RSI to go lower; this will enable the pair to continue its uptrend with even more strength in the medium term. Currently, RSI is at 58%, which is already an excellent level, and the price could continue its upward trend sooner than we thought
The Bollinger bands are shrinking, and this indicates that the price is consolidating. We should have slightly lower volatility in the upcoming trading sessions. Our parabolic SAR indicator continues suggesting an uptrend.
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