Baxia Markets
February 05, 2022

New high in more than 7 years for UK Oil

technical analysis top header -01

The energy commodity reached the $93.66 price mark in today's trading session, the pair managed to get a 3.84% gain in the last two trading sessions. The distance between our short and long-term moving averages continues expanding, indicating that the general trend continues to be upwards.


The Bollinger bands are open and steady, they continue to move upwards, however, the price trades closer to the upper band, suggesting that the price is relatively high, which might push some investors to start closing their long positions and cash out with a profit.


UK Oil Feb 3rd 2022


The relative strength index is at 74%, which is considered overbought, the price is likely to suffer a pullback in the short term and once the RSI goes below 70% the uptrend should continue. The parabolic SAR indicator suggests that the price will continue to move upwards.


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