The energy commodity made significant progress during the last five trading sessions. The price managed to break the resistance level at 5.569 at the 23.6% Fibonacci retracement and could continue moving up towards the $6 level.
The Bollinger bands are slightly closing up. The price trades between the bands suggest that the price is fair, volatility could be lower in the upcoming sessions, the price could enter a temporary consolidation period.
The relative strength index is at 57%, which will allow the price to move in either direction. The new support level at 5.569 could be strong and hold a possible loss.
Our parabolic SAR indicator suggests that the price will fall in the short term; however, this is a lagging indicator, and it will take a few more sessions for it to change. The trend is now upwards as the price trades higher than the short and long-term moving averages.
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