The energy commodity lost more than 17% in the last 11 trading sessions, the pair broke the support level at the 50% Fibonacci retracement of $101.91 and could enter a general downwards trend if that breakout is completed in the next sessions. The short and long-term moving averages are above the current price line, strengthening the downtrend signals.
The Bollinger bands are opening up at the edges which usually indicates that a trend reversal can be expected, the pair trades closer to the lowe band, which could act as a strong support level at 95.73.
The relative strength index is at 44% which will allow the pair to continue falling in the short to mid-term, once it gets closer to or below 30% we would expect the price to start climbing. Our parabolic SAR indicator suggests that the price is likely to continue falling in the upcoming sessions.
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