The below is the weekly chart of the UKOil price. The candle for the week ending 10 May 2019 is a bullish reference candle (blue arrow). I.e. a candle which has a higher low to either side of it. Moreover, last week’s candle closed above the reference candle’s high (green horizontal). This gives weight to the bullish reference candle scenario. Moreover, The RSI(9) is above 50 and indicative of an underlying bullish momentum. Price has generally been supported by tensions in the Middle East and after OPEC indicated that it is likely to maintain it current policy of production cuts.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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