Brent Oil continues reaching new highs in almost three years. The price recently broke the $75 barrier, which could set conditions for an increase in the long run.
The relative strength index is currently at 73%, which is considered overbought; this should bring the price down in the short term. We saw the price continue its uptrend even when the RSI is above 70% back in February; it took more than ten trading sessions for the price to start falling.
The pair trades very close to the upper Bollinger band, which indicates that the price is considered relatively high; this, in addition to the signals from other indicators, tells us that there could be a price retracement soon.
Our parabolic SAR indicator suggests that the uptrend will continue. The short and long-term moving averages continue to extend their gap supporting that the general trend is up.
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