Oil prices rose over Christmas weekend and into Monday as news emerged that the highly infectious Omicron variant could come with milder symptoms and less severe health effects than previous coronavirus strains.
Serious outbreaks of the coronavirus are tied to lockdowns and decreases in travel while recovery from the pandemic is tied to increased use of cars and airplanes. As a reuslt, the positive news resulted in a spike in oil prices.
From the overview of price in UKOIL we could see that the overall tend is bullish. Price has broken the previous and making a possible retracement to the support zone between 77.86 and 76.64 which also have a likely confluence with the 50 EMA. we could see that the RSI is above the centerline which signifies that price is bullish.
Germany stocks were higher after the close on Tuesday, as gains in the Telecoms, Transportation & Logistics and Utilities sectors led shares higher.
At the close in Frankfurt, the DAX gained 0.81% to hit a new 1-month high, while the MDAX index gained 0.68%, and the TecDAX index climbed 0.72%.
From the overview of price in GER30 we could see that price has broken the previous structure to the upside and is more likely to make a retest to the support zone between 15876 and 15782 before moving higher. There seems to b a possible confluence of the 50 EMA in the support zone. The RSI and MACD is above the centerline which signifies price continuation to the upside.
The overall trend for GBPJPY is bullish. Price has broken the previous high and headed straight to the resistance zone between 154.970 and 154.350. We should anticipate a possible reversal or pullback to the support zone between 152.711 and 152.092. We could see that the RSI is almost in the overbought level . Price will likely reverse once price gets overbought.