Baxia Markets
By
March 29, 2022

US Oil retraces more than 8%

technical analysis top header -01

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.

 

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