It looked like the price of the energy commodity was going to start a steady recovery, however, the price dropped 2.61% on Dec 9th and has not been able to continue the rally we were expecting, now the price found strong support at our 78.6% Fibonacci retracement and is about to close the day with a less severe loss than anticipated.
UK Oil goes below $70 but could recover.
The Bollinger bands are very wide and volatility will continue to be high for the short to mid-term, the price trades at the high 71s, and based on the technical analysis it's a fair price to enter a long position with the current conditions, other fundamental factors could continue to affect the price in the short term.
The relative strength index is at 40% after entering an oversold status in early December, the rsi continues to move down as the price continues to lose ground to the USD, an important resistance level is identified at 73.16.
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