The energy commodity had its biggest loss in a single day since early February, the price managed to close the session with a 7% loss, breaking the resistance from our 23.6% Fibonacci retracement and getting very close to the 38.2% retracement. The pair is likely to make a breakout attempt in the short term.
The Bollinger bands are very wide and volatility is expected to continue to be very high in the upcoming trading sessions, the pair still trades above the short and long-term moving averages, which indicates that the uptrend is expected to continue, once the price falls below $6.4 we would consider a trend reversal.
The relative strength index is currently at 55% which will allow the pair to continue losing ground as it is the short-term trend for the last four days, if XNG finds support at the $6.43 level we might see the uptrend resume. Our parabolic SAR indicator suggests that the price will continue to fall in the upcoming sessions.
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