UKOIL testing its resistance, potential to drop!

Mar 21, 2018

UKOIL is testing its resistance at 67.76 (61.8% Fibonacci retracement, horizontal overlap resistance), where it could potentially fall to its 1st support at 64.94 (61.8% Fibonacci extension, 61.8% Fibonacci retracement). If it breaks this level, it could potentially fall to its next support at 63.18 (76.4% Fibonacci retracement, multiple swing low support). We have also identified another resistance at 69.27 (100% Fibonacci extension, 78.4% Fibonacci retracement).

Stochastic (55, 5, 3) is approaching its resistance at 96.4% where a corresponding reaction may occur.