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.
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