Baxia Markets
January 19, 2022

US Oil reaches new high since Oct 2014

technical analysis top header -01

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.


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