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    Baxia Markets
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    March 16, 2022

    US Oil sinks 24% in 5 days

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    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.

     

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