UK Oil EMAs Cross Bearishly On H1 Chart
The below is the hourly chart of UKOil. The green 5-hour EMA has crossed below the orange 10-hour EMA (green ellipse) and the RSI has moved below 50 (blue rectangle). This is due to worries about a slowing in the global economy and the escalation in the US/China trade war, which has impacted on crude demand. If the EMAs develop further angle and separation it will likely be a signal of lower prices. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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