FX.co ★ UKOIL facing bearish pressure, drop incoming!

UKOIL is approaching the upper resistance of the ascending price channel in line with 1st resistance at 83.09 in line with Horizontal swing high and 78.6% Fibonacci extension. Price is likely to reverse off from 1st resistance at 83.09 in line with Horizontal swing high and 78.6% Fibonacci extension to take 1st support at 78.80 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension level. Our bearish bias is further supported by how RSI is showing a negative bearish divergence. Otherwise price may bullish towards 2nd resistance at 85.04 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 83.09

Reason for Entry:

Horizontal swing high and 78.6% Fibonacci extension

Take Profit: 78.80

Reason for Take Profit:

61.8% Fibonacci retracement and 100% Fibonacci extension level

Stop Loss: 85.04

Reason for Stop Loss:

-27.2% Fibonacci retracement and 127.2% Fibonacci extension