UK Oil EMAs Cross Bearishly On H1 Chart

Russell Shor, CFTe, MFTA FXCM

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

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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