Texas Oil price is up 1.41% in the session, and it looks like the pair is getting momentum. The relative strength index is currently at 61%, which will enable the price to continue its uptrend in the short term. Once the RSI gets above 70%, we would likely see a drop in the price.
The price is only 2.3% below its highest level since November 2014. The price may break this level in the short term; however, the price might find a few pullbacks in the way.
The Bollinger bands are slightly opening up at the edge. If the spread between the bands starts to increase, this will bring higher volatility to the pair. The price trades closer but still under the upper band. Some traders might think that the price is relatively high, but we do not consider the price high unless it trades above the upper band.
The short and long-term moving averages continue rising, strengthening the long signals, the separation between the lines continues to increase, which is also a good uptrend sign.
Our parabolic SAR indicator suggests that the price will have a retracement, but in current conditions, we do not believe that is the case as the pair is recovering after finding support at $70.79
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.
