The energy commodity broke two resistance levels on our 38.2% and 23.6% Fibonacci retracement at $100.72 and $111.67. The pair bounced after it sank to 93.56 on March 15th. Current price trades above the short and long-term moving average, indicating that the uptrend would continue.
The Bollinger bands are wide and continue moving upwards, signaling that the uptrend is expected to continue in the short term. The price still has some space before reaching the upper band, suggesting that the current price is at a fair level.
The relative strength index is at 59% which will also give the pair enough room to continue moving upwards, the price could reach $120 in the short to mid-term. Our parabolic SAR indicator suggests that the price will continue the upward trend, strengthening the Buy signals.
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