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 CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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