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    Baxia Markets
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    June 03, 2022

    UK Oil gains 2% after retracing

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    The energy commodity struggled in the two previous trading sessions where it lost 4.82%, now the pair recovered 2% and should resume its uptrend in the upcoming trading sessions, the resistance at $124.08 will be challenging to break as the price could find another resistance at the upper Bollinger band around the 122 price line.

     

    The Bollinger bands continue opening which will allow the pair to move upwards in the short term. If the upper band continues expanding beyond the resistance level it is possible to see a breakout in the short to medium term, otherwise the band will likely act as a closer resistance level creating a potential pullback.

     

     

    UK Oil June 2nd 2022

     

    The relative strength index is at 61% which gives the pair enough room to continue the uptrend until it gets closer to 70% and enters an overbought status. Our parabolic SAR indicator suggests that the price could continue to move upwards in the next few sessions.

     

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

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