FX.co ★ UKOIL Bullish Bounce | 1st Apr 2022

On the H4, prices are on bullish momentum and abiding by an ascending trendline. We see the potential for a bounce from our 1st support at 101.61 which is a graphical overlap and align with our ascending trendline towards our 1st resistance at 114.59 in line with 61.8% Fibonacci Projection. Prices are trading below our Ichimoku clouds, further supporting our bullish bias. Alternatively, breaking the 1st support at 101.61 will call for further bearish continuation towards our 2nd support at 96.89 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 101.61

Reason for Entry:

Graphical overlap and align with our ascending trendline

Take Profit: 114.59

Reason for Take Profit:61.8% Fibonacci Projection

Stop Loss: 96.89

Reason for Stop Loss:

61.8% Fibonacci retracement