The energy commodity managed to break the resistance with a weekend gap, the pair is up 3% as the uptrend continues. The price is trading above the short and long-term moving averages, suggesting that the upwards trend is likely to continue.
The Bollinger bands are shrinking but they are still wide enough to expect high volatility in the upcoming trading sessions, as the pair gets closer to the upper band we could see a pullback since the band could act as a resistance.
The relative strength index is at 59% which gives the pair enough room to continue moving upwards for the short to medium term. Our parabolic SAR indicator suggests that the price is likely to continue moving upwards.
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