Baxia Markets
November 20, 2021

US Oil gains 2.4% in the last two sessions

technical analysis top header -01

The energy commodity found a strong pullback in recent days and lost 8.55% at some point in the previous session, now it is showing some recovery signs and could come back stronger. The price came close to the Ichimoku cloud but missed it by a few points.


The Bollinger bands are opening up indicating high volatility for the short term, the price traded below the lower band, indicating that it was relatively low, which helped boost the price of the commodity by a few points. The pair now faces resistance at the $79.82 level in our 23.6% Fibonacci retracement, which is very likely going to be broken in the short term.


US Oil Nov 16th


The relative strength index is at 45%, another indicator that the price could start a rally in the short term, giving it more than enough room to start climbing aggressively. Once the RSI gets above 70% we would expect another retracement but not as big as the one we are seeing.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 


Subscribe by Email