The energy commodity found strong resistance at $124.37 after it looked like it could challenge the previous high close to the $ 130s. The pair continues on a general rally, this pullback could potentially allow the price to continue climbing in the short to medium term.
The Bollinger bands are wide and continue to move upwards, indicating that the rally is expected to continue in the medium term. The upper band acted as a resistance to the price in previous sessions, and now that the band is expanding we are likely to see the price reach 125.
The relative strength index is at 62%, close to the overbought status, but not quite there yet. The most recent losses will allow XTIUSD to gather strength in order to continue the rally that started in mid-April. Our parabolic SAR indicator suggests that the price is expected to move upwards in the upcoming sessions.
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