FX.co ★ UKOIL facing bullish pressure, potential for further upside!

Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could potentially see a bounce at our 1st support level at 72.44, which is in line with our 50% Fibonacci retracement and 61.8% Fibonacci extension and a further rise towards our 1st resistance level at 76.24 which is in line with our horizontal swing high and 100% Fibonacci extension. It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis. Otherwise, price may bearish to our 2nd support at 69.98 which is in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 72.44

Reason for Entry:

50% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 76.24

Reason for Take Profit:

Horizontal swing high and 100% Fibonacci extension

Stop Loss: 69.98

Reason for Stop Loss:

127.2% Fibonacci retracement and 127.2% Fibonacci extension.