Adrian_Armentia

UKOIL breakout - USA Oil inventories in the spotlight

TVC:UKOIL   CFDs on Brent Crude Oil
Hello traders,

In spite of the OPEC Oil production boost estimated in 1 Mn daily barrels, UKOIL has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn and the real supply boost might finally be around 600k daily barrels.

Now the price is retreating from USD 79-80 level, after being unable to break those level in recent months.

UKOIL is facing a clearly medium term bearish momentum since:

- There is a bearish RSI divergence.
- USD 79-80 range unable to be broken.
- Critical technical breakout level.
- OPEC boosted production slightly.


Today we have the USA OIL inventories market mover.

Enjoy your trading!

Adrian Lopez de Armentia - EFA
Trade active: Bearish breakout created dropping over 350 pips from target price
Hello traders,

Bearish breakout already created.

Do not hesitate to give me your thoughts!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out