The energy commodity managed to complete a breakout on the $4.914 price level and could continue climbing upon fundamental news regarding the Russia-Ukraine conflict. The price trades above the short and long-term moving average, which indicates an uptrend.
The Bollinger bands are opening in both ways which will bring higher volatility in the upcoming trading sessions, the pair trades closer to the upper band, suggesting that the price is relatively high. XNG could go back above the $5 mark if supply concerns continue over the next few days.
The relative strength index is at 59% which will allow the pair to climb a bit more before entering an overbought status. We might see a pullback once the RSI gets closer to 70%. Our parabolic SAR suggests that the price will continue climbing in the upcoming trading sessions.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
