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    Baxia Markets
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    May 11, 2022

    US Oil recovers ground after losing 10.38% in 2 days

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    The energy commodity sank more than 10% in only two sessions, the pair managed to break two important support levels from our 38.2% and 23.6% Fibonacci retracements at $107.824 and $102.272, respectively.

     

    The Bollinger bands are not narrow for what we have been seeing in the last few months, the pair is not likely to make bigger moves in the short term than what we've already seen. The price traded closer to the lower band, suggesting that the price was relatively low, hence we see a small correction at the moment. The lower band acted as a strong support level.

     

    US Oil May 10th 2022

     

    The relative strength index is at 46%, which theoretically would allow the pair to continue losing more ground in the short term, the price now faces potentially strong resistance at the 23.6% Fibonacci retracements and it is very close to making a breakout attempt, our prediction will depend on whether or not this level breakout can be completed.

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