The energy commodity found a strong resistance close to the upper Bollinger band at $115.64. Brent Oil seems to start a volatile consolidation period; it has not been able to fall below $96 or go above $113.95 for more than just a moment. The short and long-term moving averages are about to cross, indicating an uptrend, while the price is still above both lines.
The Bollinger bands are opening up, which will bring higher volatility to the pair in the short term; the pair trades closer to the upper band but not close enough to consider the price relatively high; the next support level is $109.94 at our 23.6% Fibonacci retracement.
The relative strength index is at 53%, which is very neutral, allowing the pair to move in either direction in the upcoming trading sessions. Our parabolic SAR indicator suggests that the price is likely to move upwards in the short term.
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.
