Baxia Markets
December 09, 2021

US Oil recovers 16% in six days

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The energy commodity suffered a 26% loss in less than 16 trading sessions, fundamental factors affected the price drastically, now the price is looking at the light and might consolidate in the mid ’70s.


The Bollinger bands are very wide since the price lost so much value in a very short period of time volatility increased dramatically, volatility will still be high in the short term, the price has managed to break the 78.6%, 61.8% and is heading towards the 50% Fibonacci retracement, which will reverse the general trend.


US Oil Nov 30th 2021


The relative strength index continues increasing after entering an oversold status, currently, at 46%, it will allow the price to continue climbing in the short term, but not with a few pullbacks along the way.


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energy, commodities, trading conditions, technical analysis

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