The price of the energy commodity continues climbing, it has made more than 20% in the last 20 trading sessions, the price will likely face strong resistance at the $86.68 price level which is the previous high from October 2021.
The Bollinger bands are wide and that allowed the price to continue climbing, however, the pair trades very close to the upper band, suggesting that the price is relatively high, there is potential for a temporary price correction in the short term, but we believe that the uptrend will continue in the mid-term.
The relative strength index is at 71% which enters the overbought status, this could force many investors to close out their long positions with a profit and renter once the price pullback to one of the Fibonacci retracement levels.
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