FX.co ★ UKOIL reversed from intermediate resistance, potential drop!

Price may retrace from 1st resistance at 71.88 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension to 1st support at 64.94 in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Our bearish bias is further supported by how Stochastic is testing resistance where price dropped in the past. Otherwise price may rise to 2nd resistance at 74.94 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 71.88

Reason for Entry:

61.8% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 64.94

Reason for Take Profit:

161.8% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 74.94

Reason for Stop Loss:

78.6% Fibonacci retracement and 78.6% Fibonacci extension