UKOIL READY TO PLUMMET!Hi traders!
Today, UKOIL has seen a move to the upside from 70.88 to 71.75.
1 of the following 2 scenarios could occur:
- Scenario 1: (ideal scenario)
As price has re-entered the daily and hourly resistance region highlighted in a pink/purple box at the top. Price has previously rejected from this resistance zone and on the 1H, there appears to be a double top candlestick pattern, giving way for some bearish price action. On the 14 day RSI, it seems to be oversold on both the 1H & 1D time frames. Additionally, looking back to November, this same resistance region acted as a support region for this pair, before snapping and paving the way for a huge sell-off. This gives space for a move to the downside. This would mean price could head down, ideally to the 61.8% of the Fibonacci Retracement tool, around 71.14 and then it could drop below. I would look for price to first move to the downside before considering any real targets, once 71.14 is taken out. We could really see price hit the red trend line drawn, as it has been some time since it last melted down and bounced off that line.
- Scenario 2:
If the resistance region highlighted is broken, price could easily spike to the upside, towards 71.80 and beyond. I would recommend a tight stop loss just above the resistance zone highlighted at the top. If price breaks the resistance level it has previously rejected from, this pair does have space to just rocket up.
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think UKOIL will be heading next! Comment below all your ideas about the future of the UKOIL! Buy or Sell and why? Additionally, drop me your charts/ideas for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX, Stocks & Crypto market, and I'd appreciate any help people may offer!
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