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    Baxia Markets
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    May 18, 2022

    US Oil could resume uptrend

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    XTIUSD broke a four-day winning streak after finding resistance at $115. The pair managed to break two resistance levels at the 23.6% and 38.2% Fibonacci retracement, but it's having trouble completing the breakout at the 50% retracement which will indicate a trend reversal.

     

    The Bollinger bands are wide and continue to open up, which will allow volatility to continue in the short term. The pair trades close to the upper band, suggesting that the price is considered relatively high, if the upper band continues expanding the uptrend is likely to continue, otherwise, the commodity could retrace a bit.

     

    US Oil May 17th 2022

     

    The relative strength index is at 37%, which will allow the price to continue moving upwards in the upcoming trading sessions. Our parabolic SAR indicator strengthens the long signals. The short and long-term moving averages crossed on the previous session, indicating that an uptrend is likely to continue.

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