The energy commodity started a downtrend eleven trading sessions ago where it manage to complete three support breakouts at the 23.6%, 38.2% and 50% Fibonacci retracements.
The price now trades below the short and long-term moving averages, suggesting that a downwards trend is expected to continue in the short term, West Texas Intermediate is likely to find support at the 61.8% Fibonacci retracement at $105.19 and we could see the price rebound in the medium term.
The Bollinger bands are wide and volatility should be high in the upcoming trading sessions, the pair trades below the lowet band, suggesting that the price is relatively low, which could incentivize investors to open long positions.
The relative strength index is at 36% which is not oversold yet, but very close, once the pair reaches 30% or lower we could see the price rally again. Our parabolic SAR indicator suggests that the price is likely to continue moving downwards in the next days.
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