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

UKOIL is holding below 1st resistance at 79.28 in line with 61.8 Fibonacci retracement and 38.2% Fibonacci extension and may bearish towards 1st support at 76.10 in line 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish is further supported by how MACD is showing a bearish signal where the signal line is above the MACD line. Otherwise price may bullish towards 2nd resistance at 80.72 in line with Horizontal swing high and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 79.28

Reason for Entry:

61.8 Fibonacci retracement and 38.2% Fibonacci extension

Take Profit: 76.10

Reason for Take Profit:

61.8% Fibonacci retracement and 161.8% Fibonacci extension

Stop Loss: 80.72

Reason for Stop Loss:

Horizontal swing high and 61.8% Fibonacci extension.