The energy commodity lost almost 15% in ten trading sessions back in early June; the price started recovering at an excellent pace just to sink earlier this month again.
The relative strength index is currently at 43%, allowing the pair to move in either direction. The price trades above the 50% Fibonacci retracement, which indicates that the general uptrend is still on; we could see a slow recovery for the commodity in the short term.
The Bollinger bands are very wide, which allows higher volatility. Since the price trades closer to the lower band, some traders might start placing long positions hoping that the market considers the price relatively low at this point.
Our parabolic SAR indicator suggests that the price will continue to fall. The short and long-term moving averages crossed at the beginning of August, and the spread between the lines continues to grow, supporting the short signal.
We are getting mixed signals from our technical indicators at the moment; the markets are uncertain and are fighting to move the price in their favor.
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