Baxia Markets
December 23, 2021

US Oil completes breakout of 70.81

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The energy commodity is on its way to a two-day winning streak, which might not mean much, but could be the beginning of an uptrend as it gets closer to the 50% Fibonacci retracement which usually indicates a trend reversal.


The Bollinger bands are slowly shrinking as the commodity continues the consolidation phase, it is likely that a breakout of the 73.3 level will end that. The pair trades in between the bands, indicating that the price is relatively at a fair price.


US Oil Dec 14th 2021


The relative strength index is at 49%, the highest level since mid-November. Our parabolic SAR indicates that the price is likely to continue with the uptrend. We have seen a slow recovery with a few setbacks since the price reached its lowest level in the last quarter, back on Dec 2nd.


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