The energy commodity managed to gain some ground in the previous trading session and broke the resistance level on our 38.2% Fibonacci retracement at $100.72, the pair is trading below the short-term moving average, which suggests that the price could fall in the short term, but it has a support level at the long-term moving average that could prevent further losses.
The Bollinger bands are closing up aggressively and we would expect lower volatility in the upcoming sessions, but they are still wide enough to expect the price to move in either direction, the price might start consolidating around the low 100 levels.
The relative strength index is at 49% which will allow the price to move in either direction, we expect the support level at the 38.2% Fibonacci retracement to be strong enough to stop the loss and potentially bounce back in the event of a pullback. Our parabolic SAR indicator suggests that the price will rise in the short term.
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