Baxia Markets
February 19, 2022

UK Oil finds support at 90.28

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The energy commodity found a support level close to the 23.6% Fibonacci retracement and resumed its uptrend, the spread between the short and long term moving averages continues increasing, suggesting that the uptrend would continue.


The Bollinger bands are slightly closing but they are still wide enough to expect mild volatility in the upcoming sessions, the bands continue to move up, strengthening the buy signals, the price might go down after reaching 95.8 if the upper band does not open more


UK Oil Feb 17th 2022


The relative strength index is at 62% which will allow the price to continue climbing in the short term, we expect another retracement once the RSI reaches 70%, but for now, the price could go back to the 95.4 price level.


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