Baxia Markets
May 15, 2022

UK Oil is up 9.3% in 3 sessions

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The energy commodity had a very good end of the week with a three-day winning streak where the pair managed to recover 9.3% after finding support at $101.38, Brent Oil already broke four resistance levels from our 61.8%, 50%, 38.2%, and 23.6% Fibonacci retracements.


The Bollinger bands are not so wide, but we can still expect mild volatility in the upcoming sessions, the pair is gaining ground rapidly and this could continue as there is still space for it to move upwards. Once the pair gets closer to the upper band we could see a pullback.


UK Oil May 12th 2022


The relative strength index is at 55% which will allow the pair to freely move upwards for a bit before a price correction. Our parabolic SAR indicator suggests that the price could move down but this is a lagging indicator and we are not putting much consideration into it at the moment.


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