The price is finding a support level at 71.17, which is at the 38.2% Fibonacci retracement; this is crucial as it will allow the price to bounce if support is found.
The relative strength index is currently at 49%, which will allow the price to move in either direction, with a slight inclination towards recovery; however, the US equities market has been hit hard in the last four days, which will naturally drag the price of commodities down.
The Bollinger bands are very broad, which will bring higher volatility to the pair in the short term; the price is currently trading at a relatively fair price. Our parabolic SAR indicator suggests that the uptrend will continue.
The short and long-term moving averages are getting closer to crossing. Oil started recovering on August 23rd and has found a few pullbacks along the way; this could be just another one.
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