The energy commodity re-opened the trading session with a comfortable 5% gain gap but it's struggling to maintain it throughout the day.
The Bollinger bands are very narrow but they are starting to open up at the edge, which would help the commodity gain some ground in the mid-term. The pair traded above the upper band, suggesting that the price is relatively high; however other technical indicators suggest that the price would continue its upward trend in the short term.
Price trades above the short-term moving average, strengthening the long signals, our parabolic SAR suggests the same, but we would need a confirmation on the next trading session.
The relative strength index is at 51% which provides enough room for the pair to continue moving upwards in the short to mid-term
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