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    Baxia Markets
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    November 12, 2021

    US Oil finds support at 80.23

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    The energy commodity could resume its uptrend in the subsequent trading sessions. The pair lost 3.93% in the last two trading days, but it might continue going up and potentially break the resistance at 85.39.

    The Bollinger bands have been narrow and steady for the last few sessions, which means that the price might be entering a consolidation period. The price is likely to move within a range of 79.8 and 85.24 in the next few sessions; we would have to wait for the price to show some more signs of a breakout or breakdown.

     

    US Oil Nov 9th 2021

    The relative strength index is currently at 50%, which is a great spot as it will allow the price to move in either direction, we are getting mixed signals at the moment, and for now, we would stay out of this pair. There are some movements expected after the consolidation phase is over. Keep an eye on this pair as there might be a good trading opportunity in the short term.

     

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