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    Baxia Markets
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    March 26, 2022

    UK Oil finds resistance at $123.71

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    The energy commodity bounced more than 25% after breaking three support levels, the pair started an uptrend and found resistance at the 23.6% Fibonacci retracement. The price is currently above the short and long-term moving average, indicating that the uptrend would continue in the short to medium-term.

     

    The Bollinger bands are wide and continue to move upwards, suggesting that the price will continue to rise in the next few sessions, the pair is likely to complete the breakout on the resistance at $123.71, however it could face a stronger resistance at the upper band which is at $128.7.

     

    UK Oil March 24th 2022-1

     

    The relative strength index is at 60% which will allow the price to climb some more before finding a pullback once it gets closer to 70%. Our parabolic SAR indicator suggests that the price will continue the uptrend.

     

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