Baxia Markets
April 07, 2022

UK Oil on a 3-day losing streak

technical analysis top header -01

The energy commodity lost more than 17% in the last 11 trading sessions, the pair broke the support level at the 50% Fibonacci retracement of $101.91 and could enter a general downwards trend if that breakout is completed in the next sessions. The short and long-term moving averages are above the current price line, strengthening the downtrend signals.


The Bollinger bands are opening up at the edges which usually indicates that a trend reversal can be expected, the pair trades closer to the lowe band, which could act as a strong support level at 95.73.


UK Oil April 7th 2022


The relative strength index is at 44% which will allow the pair to continue falling in the short to mid-term, once it gets closer to or below 30% we would expect the price to start climbing. Our parabolic SAR indicator suggests that the price is likely to continue falling in the upcoming sessions.


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