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    Baxia Markets
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    February 16, 2022

    US Oil hits a new 7 year high at 95.75

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    The energy commodity continues breaking new highs in the last 7 years, the price reached 95.75 per barrel and then dropped 2.8%, an expected pullback that would allow the general uptrend to continue in the short to mid-term

     

    The Bollinger bands are opening up symmetrically which will bring slightly higher volatility to the pair in the short term, the price is now trading below the upper band and could continue moving upwards as the bands expand.

     

    US Oil Feb 15th 2022

     

    The relative strength index is at 65%, which doesn't leave a lot of room for the pair to continue climbing, we could see a stronger retracement in the upcoming sessions, but it is likely that those retracements would allow the continuity of the upwards trend. Our parabolic SAR suggests that the price will continue climbing in the short term.

     

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