Baxia Markets
June 08, 2022

US Oil continues rally

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The energy commodity continues moving upwards and could reach $123 in the upcoming sessions. The pair trades above the short and long-term moving averages strengthening the uptrend signals. 


The Bollinger bands are wide and they continue moving upwards which is a sign that the uptrend is expected to continue in the short to medium term. The price could potentially encounter a resistance level at the upper band which is currently at $123.82, if the bands continue expanding, this resistance will be set further away from the current price.


US Oil June 7th 2022


The relative strength index is at 64% which some investors might see as a threat, once the pair gets closer to the overbought status at 70% they might start closing long positions. The price is likely to pull back if it enters the overbought status, but we believe it could be temporary and allow XTIUSD to gather more strength and resume the rally. 


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