UKOIL; Higher low set?
Market corrected after a double top ignited profit taking. Today's session saw a strong comeback and market took back 50% of the downmove.
Since february this year this market had a consistent string of higher lows ands highs, so this is likely to continue. Have to be aware of the Fibonacci resistance levels; 77.50 is the 50% mark and 78.20 is the (last) 61.8% level. A failure at either levels sees a risk of a lower high. Above 78.20 a continuation of the bullish pattern becomes likely, i.e. a higher high (>80.47).
75.00 stands for the uptrendline and marks significant support. 76.30 is first.
Since february this year this market had a consistent string of higher lows ands highs, so this is likely to continue. Have to be aware of the Fibonacci resistance levels; 77.50 is the 50% mark and 78.20 is the (last) 61.8% level. A failure at either levels sees a risk of a lower high. Above 78.20 a continuation of the bullish pattern becomes likely, i.e. a higher high (>80.47).
75.00 stands for the uptrendline and marks significant support. 76.30 is first.
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