The energy commodity had a very steady uptrend from late August to mid-September, pulled back, and resumed the uptrend until early October, now for the first time in a while. We are seeing the price bouncing between the low and high $5 levels.
The Bollinger bands are opened, and high volatility should be expected. The price is currently trading in between the bands, suggesting it is at a reasonable level, incentivizing traders to place long positions on the pair.
The relative strength index is at 52%; the conditions are set for the commodity to continue the upward trend in the short and mid-term. The pair seems to be finding support at 5.56 at our 23.6% Fibonacci retracement. If this support proves to be strong, it will be beneficial for the future of the price.
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