Adrian_Armentia

UKOIL breakout - USA Oil inventories in the spotlight

TVC:UKOIL   CFDs on Brent Crude Oil
Hello traders,

In spite of the OPEC Oil production boost estimated in 1 Mn daily barrels, UKOIL has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn and the real supply boost might finally be around 600k daily barrels.

Now the price is retreating from USD 79-80 level, after being unable to break those level in recent months.

UKOIL is facing a clearly medium term bearish momentum since:

- There is a bearish RSI divergence.
- USD 79-80 range unable to be broken.
- Critical technical breakout level.
- OPEC boosted production slightly.


Today we have the USA OIL inventories market mover.

Enjoy your trading!

Adrian Lopez de Armentia - EFA
Trade active: Bearish breakout created dropping over 350 pips from target price

Comments

Hello traders,

Bearish breakout already created.

Do not hesitate to give me your thoughts!
Reply