The energy commodity reached the $93.66 price mark in today's trading session, the pair managed to get a 3.84% gain in the last two trading sessions. The distance between our short and long-term moving averages continues expanding, indicating that the general trend continues to be upwards.
The Bollinger bands are open and steady, they continue to move upwards, however, the price trades closer to the upper band, suggesting that the price is relatively high, which might push some investors to start closing their long positions and cash out with a profit.
The relative strength index is at 74%, which is considered overbought, the price is likely to suffer a pullback in the short term and once the RSI goes below 70% the uptrend should continue. The parabolic SAR indicator suggests that the price will continue to move upwards.
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