The energy commodity managed to break the resistance level at 70.8 after falling to 66.15 in the previous session. The general trend continues to be downwards but we could see a reversal before the end of the year.
The Bollinger bands are closing up which will bring lower volatility in the short term, the price is trading in between the bands, suggesting that it is at a relatively fair level. If the price completes the resistance breakout we could continue to see it rise to the next resistance at 73.6.
The relative strength index is at 46%, this will allow the pair to continue climbing in the short term, perhaps until it reaches the next resistance level, we will then need to reevaluate the technical factors to make a prediction.
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