Baxia Markets
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January 19, 2022

US Oil reaches new high since Oct 2014

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The energy commodity managed to break the resistance at $85.39 which is the highest level it has reached since October 2014.

 

The Bollinger bands continue to open up aggressively, which indicates that the uptrend is likely to continue; however, the pair trades above the upper band, suggesting that the price is relatively low, which would likely bring the price down a bit before it can continue the uptrend.

 

US Oil Jan 18th 2022

 

The relative strength index is at 73%, an overbought status that might bring the price down temporarily in the short term. A price correction is almost imminent at this point, but we don't know when it could begin. We have seen XTIUSD stay overbought for up to eleven sessions in recent months.

 

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

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