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    Baxia Markets
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    June 10, 2022

    UK Oil finds resistance at $124.36

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    The energy commodity continues the rally but found resistance at its highest level since early March. The pair continues trading above the short and long-term moving averages, suggesting that the price is likely to continue the uptrend.

     

    The Bollinger bands are wide and we expect high volatility to continue in the upcoming trading sessions, the pair is closer to the upper band, suggesting that the price is relatively high. The upper band is acting as a resistance, if they continue to expand upwards, then we would likely see the pair go up.

     

    UK Oil June 9th 2022

    The relative strength index is at 65% which will limit how much more the pair can climb, once it gets above 70% it will be considered overbought, we would then expect a temporary pullback that will allow Brent Oil to gather strength in order to continue the rally.

     

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

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