The energy commodity managed to break two resistance levels on our 50% and 38.2% Fibonacci retracement at $101.91 and 110.43 respectively. We could see the price continue the uptrend and get much closer to the next resistance level at $120 in the medium term. The price trades slightly above the short and long-term moving average indicating that the uptrend would continue.
The Bollinger bands are not very wide, but we can still expect mild volatility in the short term, the pair trades in between the bands, suggesting that the price is at a relatively fair level, this position will allow the pair to move in either direction based merely on this indicator. The uptrend is likely to resume based on other technical indicators.
The relative strength index is at 55% which will allow the uptrend to continue for the short and medium-term, once the RSI gets closer to 70% we will likely see a retracement. Our parabolic SAR indicator suggests that the price will continue to fall, but this is a lagging indicator and if the price continues climbing, then we will see a change in the parabolic SAR.
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