$UKOIL - Retesting Long Term Bearish Trendline
Th weekly price action started to signal a topping out formation just below the long term downward trend line connecting the May 2015 peak to Jan 2017 peak points. The bearish signal could be countered by a short term trough put in place in the month of June establishing a new short term rising trend line extending to prior trough set in Jan 2016. Bulls will be watching closely if price action fails to break above the downward sloping trend line at price point $54.00, suggesting a continuing longer term erosion in price action. As long as price action is above 49EMA, sentiment may be building to signal a push above the long term trend line. Supporting this thesis would be a continuing erosion of USD cross pairs, meaning a weakening USD.
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