Baxia Markets
November 18, 2021

UK Oil breaks support at 81.55 and could test 78.34

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The energy commodity started a downtrend just a few sessions ago and it has lost 6.44% in the last seven sessions. The price is entering the Ichimoku cloud, which is often seen as market uncertainty.


The Bollinger bands are wide and they continue opening up, only this time the lower band is opening up more aggressively, which could be a downtrend signal for many. The good news is that the price is trading just above the lower band, which indicates that it is relatively low, investors might close long positions which will only drop the price even more. We have to wait and see if the price finds strong support.


UK Oil Nov 11th 2021


The relative strength index sank to 40% which will allow the energy commodity to come back stronger in the mid-term. The pair entered an overbought status more than 20 sessions ago and has not been above 70% since.


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