UKOil is in the bullish area but is oversold on the daily

The left chart shows the daily time frame. Here we see that UKOIL is in the bullish area – between the upper blue and upper red bands. The RSI suggests that the daily chart is overbought and that normalization is due. The right chart shows the hourly time frame. As long as the stochastic is able to hold the 80 level, the current momentum push may still be in force. However, given the overbought daily condition, it may be appropriate to wait for the normalization with an aim to exploit the dip in the uptrend, given the opportunity.