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.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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