The energy commodity continues its uptrend but is struggling to complete the breakout of the 23.6% Fibonacci retracement at $79.83. The price might find a pullback in the next few sessions before continuing the rally.
The Bollinger bands are wide and moving up, indicating an uptrend; however, the pair is trading very close to the upper band, suggesting that the price is relatively high, this is one of the reasons we are seeing a small pullback in today’s session.
The relative strength index is ay 63% which will allow the pair to move just a bit more before entering an overbought status, a price correction is expected in the short term, and it is necessary for the commodity to continue moving up in the midterm.
Our parabolic SAR indicator suggests that the price will continue its uptrend, but with the current RSI levels and Bollinger bands we see this very unlikely, at least in the short term.
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