Commodities

UKOil’s Weekly/H4 Charts Supported by Geopolitical Tensions

Russell Shor Written by Russell Shor
  • UKOil
    (${instrument.percentChange}%)

Oil is bid on the Russian-Ukraine tensions. UKOil, FXCM's Brent CFD, rose to a seven-year high, almost hitting $90/barrel. Other exacerbating issues are tight supply and Middle East geopolitical tensions between the Saudi-led coalition and the Iranian-backed Houthis. The weekly chart below (left) shows UKOil in its bullish zone between the upper red and blue bands. Both red Bollinger bands are moving upwards, which suggests an uptrend. The UKOil H4 chart on the right also exhibits bullishness. Its trend following indicators have crossed positively (black ellipse), and its momentum oscillator (stochastic) has moved above 80. If the trend-following indicators continue with angle and separation and the stochastic remains elevated above 80, an underlying bullish momentum will be indicated.


Past Performance: Past Performance is not an indicator of future results.

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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