The energy commodity is down 4.6% in the trading sessions as the price broke the support level on our 38.2% Fibonacci retracement after struggling to break the same level as a resistance in the previous two trading sessions. The pair now trades below the short-term moving average.
The Bollinger bands are wide, the upper band is steady and the lower band is slightly opening up which indicates that the price could be moving downwards in the short term. The price trades at a fair price as it found support o the lower band earlier in the session.
The relative strength index is at 48% which would give the pair the ability to move in either direction, its more likely for the pair to continue moving downwards after today's session, if Brent oil breaks the support at $104, the downwards trend is likely to continue in the short term.
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