UKOIL reversed from resistance, potential set up for drop!
Price just reversed from 55.58, which is our 1st resistance level in line with our 61.8% Fibonacci extension and 50% Fibonacci retracement. We see a medium-probability bearish scenario at 55.58 where we can see price push towards 1st support at 55.01 as a possible upside target for short. Otherwise, failure to hold under 1st resistance should see price swing the other way towards the 2nd resistance level at 55.84.
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