The energy commodity continues breaking new highs in the last 7 years, the price reached 95.75 per barrel and then dropped 2.8%, an expected pullback that would allow the general uptrend to continue in the short to mid-term
The Bollinger bands are opening up symmetrically which will bring slightly higher volatility to the pair in the short term, the price is now trading below the upper band and could continue moving upwards as the bands expand.
The relative strength index is at 65%, which doesn't leave a lot of room for the pair to continue climbing, we could see a stronger retracement in the upcoming sessions, but it is likely that those retracements would allow the continuity of the upwards trend. Our parabolic SAR suggests that the price will continue climbing 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.