The energy commodity is struggling to complete the breakout on the resistance at $106.66 from our 23.6% Fibonacci retracement, buyers and sellers continue fighting to move the price in their desired direction. The market is uncertain since the pair trades inside the Ichimoku cloud. The support level at $96.97 has been strong so far and could prevent further losses in the short term.
The Bollinger bands are narrow and starting to close up, we would not expect high volatility in the upcoming trading sessions, but we have seen mildly volatile movements in the recent sessions. The pair trades in between the bands, suggesting that the price is at a fair level.
The relative strength index is at 50%, which is the most neutral level out there; this would allow the pair to move in any direction, more inclined towards falling since the short and long-term moving averages crossed last week strengthening the short signals, the pair is fighting and the price is between the MA’s at the moment.
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