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    Baxia Markets
    By
    June 01, 2022

    US Oil finds resistance at $121.9

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    The energy commodity continues on a general upward trend as it reached its highest level since early March. The pair continues trading above the short and long-term moving averages, suggesting that the uptrend is likely to continue. The pair found a retracement and is down 1.5% in the session, we see this as a temporary pullback that will help XTI continue moving up in the short to medium term.

     

    The Bollinger bands are wide enough to expect high volatility, the pair traded close to the upper band, which acted as a resistance and caused the pullback. As the bands continue expanding, bigger uptrend moves could be expected. 

     

    US Oil May 31st 2022

    The relative strength index is at 61% which will allow US Oil to continue moving upwards in the short term as there is still room for the RSI before it is considered overbought. Our parabolic SAR indicator suggests that the price is likely to continue the uptrend in the short term.

     

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

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