The energy commodity managed to recover the ground it lost in yesterday’s session but is finding resistance on the 23.6% Fibonacci retracement at $102.276, the pair temporarily broke that level but has not been yet able to complete the breakout.
The Bollinger bands are wide enough to expect mild volatility, the pair got very close to the lower band in the previous trading session, which acted as a support level and helped the commodity gain some momentum in today's session. The pair trades between the bands, suggesting that the price is at a fair level.
The relative strength index is currently at 49% which would allow XTIUSD to continue gaining ground and potentially complete the breakout at $102.27. Our parabolic SAR indicator suggests that the price will continue to fall in the short term, we would like to wait and see if the resistance is broken in order to consider a long position.
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