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 74.01, which is in line with our 38.2% Fibonacci retracement and 23.6% Fibonacci extension and a further rise towards our 1st resistance level at 79.46 which is in line with our 127.2% Fibonacci retracement 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 70.86 which is in line with 78.6% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 74.01

Reason for Entry:

38.2% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 79.46

Reason for Take Profit:

127.2% Fibonacci retracement and 100% Fibonacci extension

Stop Loss: 70.86

Reason for Stop Loss:

78.6% Fibonacci retracement and 38.2% Fibonacci extension.