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.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.