Baxia Markets
January 11, 2022

Brent Oil unable to hold breakout

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The energy commodity lost 1.44% in the last two trading sessions, the pair couldn't manage to hold the breakout on the resistance level at 81.75 on our 23.2% Fibonacci retracement. 


The Bollinger bands are wide and they are still opening and moving upwards, which often indicates that the uptrend would continue, the pair trades closer to the upper band, suggesting that the price is relatively high, we are most likely seeing a temporary pullback and this will allow the price to continue the uptrend in the mid-term.


UK Oil Jan 6th 2022


The relative strength index is at 59% which will allow the price to continue the uptrend once the price correction is over. It's likely that the price will fall a few more points as well as the RSI. Brent’s next support level is at 78.7 in our 38.2% Fibonacci retracement.


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