West Texas Intermediate continues finding new highs since October 2018. The price reached 72.47 in the previous session
The relative strength index is currently at 74%, which entered an overbought status. We could see the pair stay on this status for a few more trading sessions before the markets start reacting with short and investors start closing the long positions.
The Bollinger bands are extensive, and the price still trades below the upper band, which suggests that the price is relatively high. From a technical point of view, we could anticipate a retracement in the short term; however investors continue holding and opening new long positions, the price will continue to go up.
Our parabolic SAR indicator suggests that the price will continue its uptrend, but this is a lagging indicator that we only use to support other technical indicators.
If there is a pullback and the price goes down for a few sessions, the pair will gather even more strength and likely continue its rally.
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