Saturday, April 14, 2018

UK Oil & Gas to continue below the Death Cross

UK Oil & Gas shares (LSE:UKOG) are in a bearish trend. Price is currently under a Death Cross and will move further south.

The market has been tending downwards within the past several months. 4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart.

All the EMAs are sloping downwards, and rallies into the EMAs 10 and 20 could be seen as opportunities to sell short at slightly higher prices.

There is a Death Cross in the market as price remains below the EMA 200, and things would be bearish as long as price is unable to break the EMA 200 to the upside.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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