The energy commodity was able to close the sessions with a 7.223% profit, which adds up to a total of 25.72% in the last six days, a tremendous performance. The price managed to break two resistance levels but could not consolidate the second at the 38.2% Fibonacci retracement.
The Bollinger bands are opening up aggressively, however, the price is trading above the upper band, suggesting that the price is relatively high, in which case we could have a retracement, volatility should be higher as well.
The relative strength index is at 65%, a high level but not high enough to enter the overbought status, the pair could still climb a bit more before it reaches the 70% overbought status. The moving averages crossed recently indicating an uptrend. Our parabolic SAR strengthens the signal, but we anticipate a pullback in the short term, once RSI hits 70.
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