West Texas Intermediate has been on a general uptrend since November 3rd 2020. In early March 2021 the price reached its highest level since October 18th 2018. Then by late March it had lost 15.67% when the price fell all the way to $57.2.
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Since March the price has started to recover. The pair has been finding pullbacks along the way. We saw the price drop below the support level at 23.6% Fibonacci Retracement earlier this week, however, this breakout has not been consolidated and the price bounced back to the 65 level.
The relative strength index is currently at 56%, which would allow the pair to move in either direction. The Bollinger bands are wide and volatility is expected to be high. The price trades closer to the upper band but not close enough to consider the price high. Our parabolic SAR indicator suggests that there could be an uptrend but we need to wait for an additional candle to confirm this.
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