Baxia Markets
January 21, 2022

UK Oil reaches new high in 7 years

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The energy commodity managed to reach $89.46 and then fell to the 87 levels, the pair came short of breaking the 90's resistance level, but this pullback will likely help the price in the mid-term.


The Bollinger bands are wide, and they continue to move upwards, the pair tarded above the upper band, suggesting that the price was relatively high, which is one of the reasons we see a short-term pullback. The pair is likely to continue the uptrend after the price correction.


UK Oil Jan 20th 2022


The relative strength index is at 69%. It just came back below the 70% overbought status, which will help the overall health of the pair in the mid-term; we expect the price to continue falling a bit so the RSI can recover some ground and continue reaching new highs.


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

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