Hello traders,

In spite of the OPEC Oil             production boost estimated in 1 Mn             daily barrels, UKOIL             has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn             and the real supply boost might finally be around 600k daily barrels.

Now the price is retreating from USD 79-80 level, after being unable to break those level in recent months.

UKOIL is facing a clearly medium term bearish momentum since:

– There is a bearish RSI divergence.
– USD 79-80 range unable to be broken.
– Critical technical breakout level.
– OPEC boosted production slightly.

Today we have the USA OIL             inventories market mover.

Enjoy your trading!

Adrian Lopez de Armentia – EFA