Price has been making series of higher highs from the daily timeframe and we could see that price is almost approaching the resistance zone between 0.92389 and 0.92233 of the overall downtrend. We could also see that the RSI shows that price is approaching the overbought level and may likely retrace once price gets to that level.
Market sentiment deteriorated this past week around the globe as geopolitical tensions around Ukraine mixed with the road ahead for tightening monetary policy. On Wall Street, futures tracking the Nasdaq 100, S&P 500 and Dow Jones declined 1.5%, 1.4% and 1.7% respectively.
From the overview of price in NAS100 we could see that the overall trend for price is bearish. price has moved down to the resistance zone between 13942 and 13805 and may likely make a reversal to the upside.
Oil prices fell on Monday on a plan for U.S. President Joe Biden and Russia’s Vladimir Putin to hold a summit on the Ukraine crisis and on prospects of a nuclear deal between Iran and world powers in the next week or two.
From the overview of price in UKOIL , price seems to have broken previous high and making a retest to the support zone between 93.36 and 92.72 which is in confluence with the 50 EMA retest. We could see that the RSI and MACD are above the centreline which signifies a continuous trend to the upside of UKOIL.