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XTIUSD price moves high volatile on yesterday market. The price is now at 90.49 and formed yesterday's low of 86.22 and high of 90.94. Oil prices become highly volatile amid high energy costs in Europe.
News today related to energy citing to Reuters, U.S. crude inventory in the Strategic Petroleum Reserve (SPR) fell by 8.1 million barrels in the latest week to the lowest level in more than 35 years.
Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 453.1 million barrels in the week to Aug. 19, according to the data. The 8.1 million-barrel draw was the largest since the end of April and brought inventory to the lowest level since January 1985.
XTIUSD Technical Analysis
On a daily timeframe, the oil price is now still below the middle band line and trying to cross up the moving average. The black gold price yesterday drops to a lower level of 86.22, but then bounce back to 90 level price.
Bollinger band line still not much different, but there are indicators drawing to painting narrowed line, it is possible means as decreasing volatility on the market based daily timeframe.
H1 timeframe, we can see oil price move rapidly and formed long body candle bearish and bullish. It's can be read after the price drops heavily then taking profit action dominates the market and make the price rebound and land to 90 level price.
Bollinger band looks expanding means there is increasing volatility, while RSI level 56 above the SMA line indicates the uptrend.
XTIUSD price moves high volatile on yesterday market. The price is now at 90.49 and formed yesterday's low of 86.22 and high of 90.94. Oil prices become highly volatile amid high energy costs in Europe.
News today related to energy citing to Reuters, U.S. crude inventory in the Strategic Petroleum Reserve (SPR) fell by 8.1 million barrels in the latest week to the lowest level in more than 35 years.
Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 453.1 million barrels in the week to Aug. 19, according to the data. The 8.1 million-barrel draw was the largest since the end of April and brought inventory to the lowest level since January 1985.
XTIUSD Technical Analysis
On a daily timeframe, the oil price is now still below the middle band line and trying to cross up the moving average. The black gold price yesterday drops to a lower level of 86.22, but then bounce back to 90 level price.
Bollinger band line still not much different, but there are indicators drawing to painting narrowed line, it is possible means as decreasing volatility on the market based daily timeframe.
H1 timeframe, we can see oil price move rapidly and formed long body candle bearish and bullish. It's can be read after the price drops heavily then taking profit action dominates the market and make the price rebound and land to 90 level price.
Bollinger band looks expanding means there is increasing volatility, while RSI level 56 above the SMA line indicates the uptrend.