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    Baxia Markets
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    December 22, 2021

    UK Oil breaks resistance and it’s up 2.75%

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    The energy commodity struggled at the end of November and lost more than 19% in 5 days, the price then started a steady recovery but is finding some pullbacks along the way, the price broke the resistance at 73.17 today but it has not yet been confirmed.

     

    The Bollinger bands are slightly closing up which will bring lower volatility to the pair in the short term if they continue to shrink, they are still wide and for now, volatility should be mild, price trades above the short term moving averages which could be seen as a sign of reversal, although it is not enough it's certainly a good sign.

     

    Brent Dec 9th 2021

     

    The relative strength index is at 46%, a very good level that will allow recovery if other conditions are set in the short term. We want to wait and see if the price can confirm the 61.8% resistance breakout in order to place a long position.

     

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