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.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.