UK Oil EMAs Cross Bearishly On H1 Chart
The below is the hourly chart of UKOil. The green 5-hour EMA has crossed below the orange 10-hour EMA (green ellipse) and the RSI has moved below 50 (blue rectangle). This is due to worries about a slowing in the global economy and the escalation in the US/China trade war, which has impacted on crude demand. If the EMAs develop further angle and separation it will likely be a signal of lower prices. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.