UKOIL - neutral with potential upside

10 apr 2022

My forecast is relatively neutral, however we see a change in momentum in the lows of the channel, and again a test outside the channel. We have a bullish momentum candlesticks in comparison with the 2 other false breakouts who indicated low bullish strength. RSI is relatively low, change in bearish momentum and strength in lower time frames and MA50 is potential support.

So I would rather forecast a bullish momentum and on the other hand fundamental aspects based on supply disruption and spare capacity also confirm bullish uptrend for the coming times to come.

A fail in the channel outbreak who pull us directly towards below 100 levels.