AlistairBruce

UKOG Potential Top Failure Retracement & Continuation

LSE:UKOG   UK OIL & GAS PLC ORD 0.01P
Climatic buying into top at 9 may result in a run out of steam as commitment burns out and the price does not offer much more value resulting in a gradual pull back (time, news and economics dependent) which may offer a good entry at the 50% retracement . Should it move deeper a more significant level at 3 which was previously strong resistance would work as a good support level for a continuation bounce with targets set for 9 again and potentially higher from there.

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