The energy commodity took a big hit on Friday’s trading session after reaching $9.021, the highest level since August 2008, the gap between the short and long-term moving average continues expanding, and the upwards trend continues in general terms.
The Bollinger bands are wide and continue moving upwards; this will allow high volatility in the upcoming trading sessions and the upwards trend to resume after the recent price correction. The pair traded way above the upper band, suggesting that the price was relatively high.
The relative strength index is currently at 61%, recovering after entering an overbought status, which in conjunction with the price passing, the upper Bollinger band caused the strong pullback on Friday’s session. Our parabolic SAR indicator suggests that the price is likely to move upwards in the short term.
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