UKOIL (Brent Crude)
UKOIL (Brent Crude) has recently tested a strong support level at $73.80, where buying pressure has prevented further declines. This level has historically acted as a significant price floor, indicating a potential reversal or continuation of bullish momentum.
Bullish Scenario:
As long as UKOIL remains above $73.80, we can expect an upward move toward the next resistance levels.
The first key resistance is at $74.70, a level where sellers have previously shown interest.
If price action remains strong, the next upside target would be $75.30.
Bearish Scenario:
If UKOIL fails to hold $73.80 and breaks below this level, it may signal a further decline.
Bullish Scenario:
As long as UKOIL remains above $73.80, we can expect an upward move toward the next resistance levels.
The first key resistance is at $74.70, a level where sellers have previously shown interest.
If price action remains strong, the next upside target would be $75.30.
Bearish Scenario:
If UKOIL fails to hold $73.80 and breaks below this level, it may signal a further decline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.