Baxia Markets
By
March 29, 2022

US Oil retraces more than 8%

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The energy commodity lost more than 8% in the previous trading session where it broke the support level on our 23.6% Fibonacci retracement at $111.67, the pair found support today at $98.78 and is currently up 1.25% which indicates that the market is undecided.

 

The Bollinger bands started to close slightly, they are still wide enough to expect high volatility in the upcoming trading sessions, the pair trades in between the bands, suggesting that the price is at a fair level.

 

US Oil March 29th 2022

 

The relative strength index is at 50% which is very neutral, the price could move in either direction at this point as there is no clear trend, the next support level is at $100.72 at our 38.2% Fibonacci retracement, the pair temporarily broke that support earlier in the session but bounced back above it a few hours later. Our parabolic SAR indicator suggests that the price will continue to move upwards in the short term.

 

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commodities, trading conditions, technical analysis, trading indicator

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