UKOIL is approaching its support at 75.01 (61.8% Fibonacci retracement, 61.8% Fibonaci extension, horizontal overlap support) where it could potentiallyt rise to its resistance at 78.14 (100% Fibonacci extension, horizontal overlap resistance). Stochastic (89, 5, 3) is approaching its support at 2.8% where a corresponding bounce could occur.
UKOIL Possible Buy Trade!! Looking For A Small Up-Move With UKOIL Before Making A Deeper Move Down (If It Will); A Good SL Is Around 74.3 Levels
On the Brent oil chart you can now expect a test of significant resistance at 53.00. This level has previously been equivalent to the 50.00 level with the WTI. A successful breakout of 53.00 will allow growth to further resistance: 54.00, 57.50.
UK oil: HEAVILY SOLD OFF..!! What I see is some demand coming at 45 level so at the nearest term i think the market will atleast reach the wave 5 where the price is at 50 per barrel....We can trade a buy with stop loss at 43 and tp at 50 ...Cheers