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