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Petro FX play - NOKSEK

Luke Suddards
Research Strategist
Feb 23, 2022
Put this one on the radar. Read below to find out more.

NOKSEK has been heading in one direction - north. It seems unstoppable looking at the chart. I've overlaid the price of brent crude (orange line), we can see the close correlation between the two instruments. $100 a barrel of crude would equate roughly to a price of 1.065. For the bulls, the only thing that concerns me on the chart is the negative divergence between the RSI and price. Is buying momentum running out of a bit of steam given its recent strength? If there was a de-escalation between Russia and Ukraine, this trade's bullish bias would suffer.  

(Source: Tradingview - Past performance is not indicative of future performance.)

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