UKOIL testing the top of descending channel in a 4-hour timeframe.
Higher highs in price, and lower highs in Stochastic suggest bearish divergence.
100 SMA below 200 SMA confirms bearish sentiment.
Potential downside targets: S1 ($76.25), S3 ($71.48) if price falls through $78.40.
A rally past R1 ($81.02) may signal resistance to a downtrend, a potential reversal.
Upside targets at R2 ($83.18) and R3 ($85.79) if bullish momentum continues.
Keep an eye out for the Santa Claus rally, which could impact market dynamics.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.