FX.co ★ UKOIL Testing Support, Potential Bounce!

Price is facing bullish pressure as we could potentially see a bounce at our 1st support level at 71.28, which is in line with our 23.6% Fibonacci retracement and 23.6% Fibonacci extension and a further rise towards our 1st resistance level at 76.12 which is in line with our horizontal swing high and 127.2% Fibonacci extension . Our bullish view is further supported by how Stochastic is testing support where price bounced in the past. Otherwise, price may bearish to our 2nd support at 69.49 which is in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 71.28

Reason for Entry:

23.6% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 76.12

Reason for Take Profit:

Horizontal swing high and 127.2% Fibonacci extension

Stop Loss: 69.49

Reason for Stop Loss:

50% Fibonacci retracement and 38.2% Fibonacci extension.