On the daily frame
Previous price congestion axis at 107.20 forms a stronger support than expected for UKOIL oil moves and brings prices back to retest the $114 resistance
We notice the gradual decline in the size of the candles, and this is a technical indication of the weakness of the rise
The momentum is balanced on RSI and its decline below the 50 line supports the bearish rebound
UK Oil: The outlook leans for a bearish reversal
Monitor levels
116.65
114.00
110.00
107.20
Previous price congestion axis at 107.20 forms a stronger support than expected for UKOIL oil moves and brings prices back to retest the $114 resistance
We notice the gradual decline in the size of the candles, and this is a technical indication of the weakness of the rise
The momentum is balanced on RSI and its decline below the 50 line supports the bearish rebound
UK Oil: The outlook leans for a bearish reversal
Monitor levels
116.65
114.00
110.00
107.20
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.