Baxia Markets
February 23, 2022

US Oil falls 2.9%

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After reaching its highest level in more than 7 years XTIUSD started to retrace just to continue the uptrend a few sessions later, we now see a new retracement again and the price sits at the mid $91 levels.


The Bollinger bands are shrinking and the energy commodity could see lower volatility in the upcoming trading sessions. The price trades above the short and long-term moving averages which indicate that the uptrend would continue. 


US Oil Feb 22nd 2022


The relative strength index is at 57% which will allow the price to continue the upward trend in the upcoming sessions. Our parabolic SAR indicator suggests that the price will drop in the short term, US Oil could find support at 90.65 if the pullback continues.


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energy, commodities, trading conditions, technical analysis, trading indicator

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