The energy commodity is off the rails as fundamental factors continue affecting the price of the commodity, US banned all Russian Oil Imports as well as Natural Gas and Coal which had a massive impact on the energy commodity price.
The Bollinger bands continue expanding aggressively as the price spiked more than 40% in seven days, the price continues trading above the upper band, suggesting that the price is relatively high, the price continues to find new high in more than 13 years, one of the biggest rallies in US Oil history.
The relative strength index is at 83%, it is likely that the RSI will continue increasing but at this point, the technical indicators have almost no impact on the price of the commodity as fundamental factors are pushing the price upwards. There might be a price correction in the upcoming sessions once the news settle and the markets see more clarity in where this is going.
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