The energy commodity is on a four-day losing streak; it managed to break the support level at the 23.6% Fibonacci retracement at 5.569 and is now finding support at the 38.2% level at 4.980, there is still a chance of a breakdown, we will have to wait and see if it is completed or of the price starts to bounce up.
The Bollinger bands are opening up, which will bring higher volatility in the upcoming trading sessions; the price trades closer to the lower band, suggesting that it is relatively low; which could boost the price up in the short term.
The relative strength index is currently at 41%, which will also allow the price to move upwards freely until it reaches the overbought status at 70%; however, if the price starts to go up, it will find market uncertainty as the price will enter the Ichimoku cloud, it could stay there and consolidate for a few days.
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