Baxia Markets
November 24, 2021

US Oil recovers 3.93% in two sessions.

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The energy commodity has been on a temporary downtrend since Nov 10th, it looks like it might have already started its recovery as the pair closed the previous sessions with profits. The price trades inside the Ichimoku cloud which is often an indicator of market uncertainty; however, based on other fundamental factors, we might be looking at the beginning of a new surge.


The Bollinger bands are opening up which will bring higher volatility to the pair, price trades closer to the lower band, suggesting that it is relatively low, if the price manages to exit the cloud in the next few sessions, the uptrend continuity is likely.


US Oil Nov 23rd 2021


The relative strength index is at 46%, this will allow the price to continue moving up for the short to mid-term until RSI reaches an overbought status at 70%. The moving averages are very close to crossing, which will indicate a trend change, however, if the price manages to break the resistance at 79.89, the uptrend is likely to continue.


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