Oil loses momentum for the week, uptrend remains intact
Weekly Chart
FXCM's Brent CFD, UKOil, and its WTI CFD, USOil, have charted a higher trough followed by a higher peak. This is an uptrend. However, this week has seen decline.
UKOil has dropped near 4.9% and USOil by 4.6% for the week (candles are still to complete).
The weekly stochastic has flattened (blue arrows). This suggests a waning momentum.
Current price action may chart the next higher trough (HT?) in the series. However, for this to happen, the stochastic will need to head up towards the 80+ levels. Improvement in Chinese data will provide tailwind here.
A decline by the stochastic back into the 20- regions will probably take price below the previous higher trough (HT). This will cancel the uptrend.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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