FX.co ★ UKOIL facing bearish pressure

Price may retrace from 1st resistance at 72.41 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension to 1st support at 67.42 in line with 50% Fibonacci extension. Otherwise price may rise to 2nd resistance at 74.58 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 72.41

Reason for Entry:

61.8% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 67.42

Reason for Take Profit:

50% Fibonacci extension

Stop Loss: 74.58

Reason for Stop Loss:

78.6% Fibonacci retracement and 78.6% Fibonacci extension.