Baxia Markets
April 29, 2022

UK Oil continues moving sideways

technical analysis top header -01

The energy commodity is struggling to complete the breakout on the resistance at $106.66 from our 23.6% Fibonacci retracement, buyers and sellers continue fighting to move the price in their desired direction. The market is uncertain since the pair trades inside the Ichimoku cloud. The support level at $96.97 has been strong so far and could prevent further losses in the short term.


The Bollinger bands are narrow and starting to close up, we would not expect high volatility in the upcoming trading sessions, but we have seen mildly volatile movements in the recent sessions. The pair trades in between the bands, suggesting that the price is at a fair level.



UK Oil Aprtil 28th 2022


The relative strength index is at 50%, which is the most neutral level out there; this would allow the pair to move in any direction, more inclined towards falling since the short and long-term moving averages crossed last week strengthening the short signals, the pair is fighting and the price is between the MA’s at the moment.


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