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    Baxia Markets
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    May 27, 2022

    UK Oil is up 7.8% in six sessions

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    The energy commodity continues the uptrend and managed to break the resistance level at 115.64 in today's trading session. The short and long-term moving averages continue trading below the price line strengthening the uptrend signals.

     

    The Bollinger bands are opening particularly the upper band, which strengthens the Buy signals; however, the pair trades closer to that band which could act as a new resistance level, when the price is too close to the band, it usually signifies that the price is relatively high. We could see the rally continue in the upcoming sessions if the breakout is completed

     

    UK Oil May 26th 2022

     

    The relative strength index is at 60% which will not leave a lot of room for the pair to continue climbing before entering an overbought status. Once it gets to 70% we could see a price correction. Our parabolic SAR indicator suggests that the price is likely to continue the uptrend.

     

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