UKOIL bounced from support, potential for a further rise
We are seeing a medium-probability bullish scenario as price is approaching our first support level at 48.54 where -27%, 61.8% fibonacci retracement and horizontal graphical overlap is. Price could make a bounce towards the first resistance level at 48.88. It’s worth noting that the Stochastic is showing bullish pressure where price has reacted off the 15% level previously.
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Losses can exceed the initial investment so please ensure you fully
understand the risks
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