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    Baxia Markets
    By
    May 06, 2022

    UK Oil finds resistance at $113.95

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    The energy commodity reached the $113.95 price mark but fell back close to $110 shortly after, the resistance at the 38.2% Fibonacci retracement proved to be strong. The pair is currently trading above the short and long-term moving averages, indicating that the price could start an uptrend soon.

     

    The Bollinger bands are not very wide but we could still see some highly volatile moves in the short term, the pair reached the upper band suggesting that the price could be is consider relatively high, which is one of the reasons it is findig a resistance close to the band.

     

    UK Oil May 5th 2022

     

    The relative strength index is at 55% which will allow the pair to move in either direction in the short term. Our parabolic SAR indicator suggests that the price is likely to move upwards in the upcoming sessions, we would have to wait and see if the price can break the resistance, the upper band will have to expand to allow this.

     

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