Baxia Markets
January 28, 2022

UK Oil breaks $90

technical analysis top header -01

The energy commodity finally passed the $90 resistance a level not seen in over 7 years, last time we saw the price of Brent Oil above $90 was back in October 2014. The pair continues the general uptrend and it looks like it could continue moving up in the short to mid-term.


The Bollinger bands are wide, which brings high volatility to the pair in the short term, the pair trades closer to the upper band but there is still a gap that would allow the price to continue moving up. 


UK Oil Jan 27th 2022


The relative strength index is at 73% it has entered an overbought status, which could bring down the price a notch or two in the short term, the price will likely find temporary pullbacks that will allow the pair to continue the uptrend in the long run.


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.

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

Subscribe by Email