The energy commodity could resume the rally it started in early March after finding support at $92, close to our 50% Fibonacci retracement, possibly one of the most important retracement levels as it often signifies a trend reversal when crossed. The pair trades below the short and long-term moving averages, suggesting that the downwards trend could continue, but today's performance is going to make it difficult.
The Bollinger bands are slightly closing down, volatility should still be high in the upcoming trading sessions, but it might diminish as the bands get narrower. The pair traded in between the bands, suggesting that the price is at a relatively fair level. XTI is likely to make a breakout attempt on the 38.2% retracement at $100.72
The relative strength index is at 47% which will allow the pair to move in either direction, more likely upwards after today’s session, if the price manages to complete the breakout on 100.72, we would expect the price to continue rising in the short term and possibly get back in the mid 100’s soon.
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