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    Baxia Markets
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    November 21, 2021

    Brent Oil breaks tests support at 78.34

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    The energy commodity continues losing ground and is down more than 8% in eight trading sessions. The price just entered the Ichimoku cloud, indicating market uncertainty. If the support is strong enough we could see the price bounce back in the short term.

     

    The Bollinger bands are opening up aggressively, indicating high volatility in the markets, currently, the price trades below the lower band, which suggests that it is relatively low, we could see the price bounce in the short term.

     

    UK Oil Nov 18th 2021

     

    The relative strength index is at 37%, a level not seen since mid-August, now that the RSI is low, the buy signals are stronger, however, the price could fall some more before it gets back on track towards the resistance at $81.55

     

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