UKOIL: outlook leans for a bearish reversal
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