Brent Oil continues its uptrend after a short two-day losing streak. The price has managed to recover more than 50% of the previous session losses. Moving averages continue to climb and are getting away from each other, indicating that the general trend continues to be upwards.
The Bollinger bands are getting narrow, but they are still wide enough to expect high volatility in the short term. The price is trading below the upper band, which signifies that the price could still move up a few more pips before a pullback.
The relative strength index took a breather with the previous losses, but they were not big enough to bring the RSI below 63%. The current level is at 66%, which will allow the price to continue moving up just a bit more before it finds a retracement.
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