Baxia Markets
March 17, 2022

US Oil sinks 24% in 5 days

technical analysis top header -01

The energy commodity continues diving and broke two support levels from our Fibonacci retracement, the next support level is at $91.85 as the pair continues the downward trend it could stabilize around that price level.


The pair is currently trading below the short and long-term moving average, which indicates that the downtrend is likely to continue. The Bollinger bands are wide but they are starting to close up, meaning less volatility than before but still a great amount of it is expected in the upcoming sessions.


US Oil March 15th


The relative strength index is at 45% which will allow the price to continue falling in the short term until it gets closer to the oversold status at 30%, the price might start consolidating at the low 90s.


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