On March 29, UKOIL increased to $86.92, showing a 1.49% rise. Positioned just above the pivot point of $86.49, the commodity faces immediate resistance at $87.29, with further barriers at $88.14 and $89.00. Support levels are noted at $85.61, $84.69, and $83.94.
The 50-day EMA at $85.60 and the 200-day EMA at $83.74 both suggest a potential for continued bullish behavior, reinforced by the ‘Three White Soldiers’ pattern and a breakout from the symmetrical triangle.
Therefore, the trend for UKOIL is bullish above $86.49, yet a descent below this mark could lead to significant selling pressure.
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