empty
 
 
24.09.2021 08:19 AM
UKOIL reversed off resistance, potential drop!

This image is no longer relevant

Price is approaching 1st resistance at 77.72 in line with Horizontal swing high and 76.4% Fibonacci extension where it could see a reverse down to 1st support at 73.50 in line with 61.8% Fibonacci retracement and 23.6% Fibonacci extension. Our bearish bias is further supported by how Stochastic is testing resistance where price dropped in the past. Otherwise price may continue to bullish to 2nd resistance at 80.22 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 110.053

Reason for Entry:

Horizontal swing high and 100% Fibonacci extension

Take Profit: 109.120

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 110.447

Reason for Stop Loss:

127.2 Fibonacci retracement and 127.2% Fibonacci extension.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback