gdallas96023
Long

UKOIL - Ranging condition.

FX:UKOIL   CFDs on Crude Oil (Brent)
Price is currently finding strong resistance around £75 and support around the £73 area. After a strong bearish move today of around 225 pips from our resistance level price is currently finding support around £72.50 area, a break of this level may see the market sell off until our next area of support at £71.50 .
My bias for oil is Bullish due to the current uptrend we are seeing with the market making Higher highs and higher lows, with price still above our 50 and 200 Dma. If we find buyers at our current demand level (£72.50/£73) and the market breaks our resistance at £75 with a daily close, we may see our next strong resistance around £77.50 a strong psychological number.

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