Baxia Markets
May 27, 2022

UK Oil is up 7.8% in six sessions

technical analysis top header -01

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.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email