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Baxia Markets
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October 25, 2021

XBR hits new high in 3 years and could break highest level since 2014.

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The energy commodity managed to get back on an uptrend after a 1.3% pullback; the price reached a new high since Oct 3rd, 2018 and could reach a new high in more than seven years if it breaks the 86.71 resistance.

The Bollinger bands are wide and continue to move up, indicating that the uptrend could continue. The price is getting closer to the upper band, suggesting that it could be considered relatively high, which could have a negative impact on the price in the short term.

 

Brent Oil Oct 21st 2021


The relative strength index just entered an overbought status after slightly recovering from it; this will likely pull the price down; however, we could see the price hit a new high in 7 years before that retracement.

The moving averages continue moving up, and the gap between the lines is increasing as the price moves up. The general trend continues to be upwards, but we will soon have a temporary retracement.

 

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