UK Oil Testing Upper Channel LinePublished On: 7 February 2022, 2:15 PM | Jeraldine Tan, Senior Dealer
- UK Oil has been strong in line with a return to normalcy across the globe. Ukraine-Russian tensions and Libya production shortage had also given a boost to oil prices.
- UK Oil is now testing the upper channel line of what can be considered an expanding triangle. We may expect to see some resistance at this zone. Bears could be patiently waiting for double top pattern to short on the break of neckline.
- Bulls and buyers of the recovery story can also start to scale in and put on a position for a momentum play, although one may prefer to buy in on a pullback given market rally has been relentless since the start of the year.
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