Hi fellow traders.
Looking at UKOIL right now, we can see that the RSI indicator has fallen towards the oversold region and is currently looking for a rally to the upside. Considering that UK Oil Supply is to remain the same, and with the UK Iran Oil Tanker tensions rising, it looks like UKOIL could look to push to the upside.
At this point in time 64.20ish would be an ideal buy in position region. I have been considering a buy position from 64.05.
Additionally, we can see that we could be rebounding from a critical support level at 63.90. In this case, it looks like it could be the perfect time to long this pair.
For a quick bullish squeeze out of this pair, the main ideal target would be around 63.56.
For a longer swing on this pair for a few days, looking from a bullish price action point of view, 65.00 region could be an ideal take profit region.
Stops should look to be placed around the previously mentioned critical support level of 63.90.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
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Looking at UKOIL right now, we can see that the RSI indicator has fallen towards the oversold region and is currently looking for a rally to the upside. Considering that UK Oil Supply is to remain the same, and with the UK Iran Oil Tanker tensions rising, it looks like UKOIL could look to push to the upside.
At this point in time 64.20ish would be an ideal buy in position region. I have been considering a buy position from 64.05.
Additionally, we can see that we could be rebounding from a critical support level at 63.90. In this case, it looks like it could be the perfect time to long this pair.
For a quick bullish squeeze out of this pair, the main ideal target would be around 63.56.
For a longer swing on this pair for a few days, looking from a bullish price action point of view, 65.00 region could be an ideal take profit region.
Stops should look to be placed around the previously mentioned critical support level of 63.90.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade closed manually:
I ended up exiting this trade around 64.50.
Trade closed: stop reached:
For those that stayed in the trade, you may have got stopped out at 63.90
Trade closed: stop reached:
Trade closed manually.
Stop loss that I used was hit.
Invalid setup now.
Stop loss that I used was hit.
Invalid setup now.