UKOIL facing bullish pressure, potential for further upside!

Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could potentially see a bounce at our 1st support level at 71.28, which is in line with our 23.6% Fibonacci retracement and 23.6% Fibonacci extension and a further rise towards our 1st resistance level at 76.12 which is in line with our horizontal swing high and 127.2% Fibonacci extension . It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis. Otherwise, price may bearish to our 2nd support at 69.49 which is in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.

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