XTIUSD continues the uptrend and finally breaks the $80 barrier; the price of the energy commodity has been steadily moving up since August 23rd, the price found a few pullbacks along the way, and it could find another one just yet.
The relative strength index is currently overbought at 71%; this could potentially bring the commodity price down a few notches. This pullback will help Oil continue its upwards trend in the mid-term, and the pair need to regain strength as the buyers are exhausted, sellers might have a chance to trade a retracement.
The Bollinger bands are wide and very open; this often indicates that the trend will continue in the same direction, the price is trading closer to the upper band, but there is still some room for the price to go a tiny bit higher.
Our support level has been identified at 77.38 in our recently adjusted Fibonacci retracement.
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