FX.co ★ UKOIL facing bearish pressure

Price is facing bearish pressure as it holds under 1st resistance at 67.54 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Price may continue to bearish towards the 1st support at 64.46 in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Our bearish bias is further supported by MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 69.98 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 67.54

Reason for Entry:

38.2% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 64.46

Reason for Take Profit:

161.8% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 69.98

Reason for Stop Loss:

61.8% Fibonacci retracement and 100% Fibonacci extension