The below is the daily of the UKOil chart. Its EMAs are in a bullish stack. I.e. the green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA (red rectangle). We also note that the RSI(9) has moved above 50 and is indicative of an underlying bullish momentum. If the EMAs develop angle and separation it will be a bullish development.
The oil price has risen as tensions in the Middle-East mount. Yesterday, a Saudi coalition carried out air strikes in Yemen, targeting the Houthi-held capital Sanaa. This after the Iranian-backed group claimed responsibility for attacking two Saudi oil pumps with drones earlier in the week. Moreover, staff were evacuated from the US embassy in Baghdad and President Trump has ordered the deployment of an aircraft carrier to the area.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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