Baxia Markets
July 09, 2021

Brent Oil unable to complete the support breakout

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XBRUSD might have a second chance to complete the breakout at the $73.72 level at our 23.6$ Fibonacci retracement. The price is down 4.25% in the last four trading sessions; it broke the before mentioned support level but bounced back above it; now, there could be a new attempt in the following sessions.

The Bollinger bands continue contracting, indicating that volatility could be lower in the short term. The price consolidates around the $74 level while short and long traders fight to move the price in their desired direction.


UK Oil July 8th 2021

The relative strength index went all the way down to 51%, which is precisely what the commodity needed to continue its long uptrend. There could still be a more significant loss on the way; however, the general trend continues upwards. Our parabolic SAR indicator suggests that the price will continue to fall in the short term, but this is a lagging indicator.


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