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    Baxia Markets
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    May 25, 2022

    US Oil struggles to break $115

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    The energy commodity made two breakout attempts on the resistance at $115; the pair could make a third attempt with much more strength than in previous sessions as the price fell back to $111 earlier in the session. 

     

    The short and long-term moving averages continue below the price line, strengthening the Buy signals; they crossed eight sessions ago, and the price has responded since. The Bollinger bands are wide, they are not opening, but they are moving upwards almost symmetrically, which also strengthens the Buy signals. The pair trades closer to the upper band; we would need that band to continue moving upwards to prevent it from becoming a resistance in the event of an uptrend.

     

     

    US Oil May 24th 2022

    The relative strength index is at 56%, which is very neutral; this will allow the pair to move in either direction before entering an oversold or overbought status. Our parabolic SAR indicator suggests that the price is likely to continue moving upwards in the short term.

     

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    energy, commodities, trading conditions, technical analysis, trading indicator

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