Union Jack Oil price: UJO to crash further

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Union Jack Oil Plc shares (LSE:UJO) are currently in a maniacal downtrend. There was a perceived ranging movement in April and May 2012, which ended in the following month of June, as a bearish run sets in.

There were desperate bullish attempts in June and July, but further northwards movements were rejected at a recalcitrant supply level around 35.00.

Price is currently below the EMA 21, and the William’s Percentage Range period 10 is currently sloping downwards., confirming the weak market.

Even William’s Percentage Range 10’s saunters into the overbought territory means another “sell” signal. The bias on UJO is bearish for this year, and the demand levels at 23.00, 22.00 and 21.00 are easy targets.

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