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    Baxia Markets
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    March 03, 2022

    UK Oil breaks 10-year record high

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    The energy commodity continues the rally and managed to reach 119.78 earlier in the session, the price is pulling back but sets a stepping stone for the future of Oil prices, after gaining more than 15% in the two previous sessions the pair climbed 4% more but retraced as the price was not able to break the 120 barriers.

     

    The Bollinger bands are opening up aggressively but not at a pace fast enough to keep up with the price as it currently trades above the upper band which suggests that it is relatively high, we might see the price pullback to the support at 107 in the upcoming sessions and then take off again.

     

    UK Oil March 3rd 2022

     

    The relative strength index is at 79%, it continues being on an overbought status, which could last a few more trading sessions, the RSI is falling slightly as the price drops, the fundamental elements continue creating a high impact on the price of the commodity and will continue to do so for as long as there is uncertainty with the production and a possible shortage.

     

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