Baxia Markets
November 09, 2021

Brent Oil starts consolidating at 83

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The energy commodity has been moving from 80.29 to 84.43 in the last few sessions; the price is consolidating between these levels as we might not see a lot of action in the upcoming days.

The Bollinger bands are very steady and have not opened much in the last eight trading sessions; this indicates that the price might be consolidating at the current level, volatility should be lower in the short term, we expect a breakout or breakdown in a few days, once the consolidation period is over.


Brent Nov 4th 2021

The relative strength index is at 54%, coming down after being overbought at the end of October. The RSI might stay at this level or very close during the consolidation period. Our parabolic SAR indicator suggests that the price will continue to fall; however, the pair has shown the potential to break the 86.74 barrier.


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