UKOIL - Are the bulls ready?
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The UKOIL did a Piercing Line pattern today, and if confirmed tomorrow, the price will have the strength to breakout the U$ 22.38 zone, which is an important one, as it served as support and resistance in the recent past.
The stop would be the piercing line’s low, and the target could be around U$ 36 (previous top). Also, there’s a gap that could help to lead the prices up, but we should wait for more information.
Let’s look at the 1H chart:
It seems we have a double bottom here (Adam & Eve type), which was triggered, and the price did find a support at the U$ 20.15 (the peak between the double bottom, serving as both support and resistance now). This is a very good sign.
UKOIL is doing a very technical move here, and it seems the bulls are going to show up.
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The UKOIL did a Piercing Line pattern today, and if confirmed tomorrow, the price will have the strength to breakout the U$ 22.38 zone, which is an important one, as it served as support and resistance in the recent past.
The stop would be the piercing line’s low, and the target could be around U$ 36 (previous top). Also, there’s a gap that could help to lead the prices up, but we should wait for more information.
Let’s look at the 1H chart:
It seems we have a double bottom here (Adam & Eve type), which was triggered, and the price did find a support at the U$ 20.15 (the peak between the double bottom, serving as both support and resistance now). This is a very good sign.
UKOIL is doing a very technical move here, and it seems the bulls are going to show up.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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