Mission: UKOIL 2

Hello guys, it’s been a while since I post an analysis here. Since our last trade I decided to take a break from UKOIL and wait to see if it was going to do something interesting again. We had about 45% profits from our last trade, and if you missed my last call in UKOIL check the links below, all the details of our trade will be there. Also, I invite you to follow me to keep in touch with our trades and analysis.

Now UKOIL is doing an interesting pattern here, which is a pennant, a bullish pattern (at least in theory). After such a bullish movement, is natural for the price to enter on “the sleep mode”, and it’ll hardly do anything interesting once it’s sleeping. Now, there’s a chance UKOIL will wake up again, and if this pattern is triggered, I’ll buy it again.

Let’s look at the hourly chart as usual:


The price is dangerously under the purple upward trendline but that’s ok, in my opinion the previous supports are more important right now, and they are evidenced by the thin red lines draw on the chart.

Now, let’s see the weekly chart:


The price is far from the 21 ema, and it might help the price to go up too, and if the Pennant is triggered it’s plausible that UKOIL could hit the U$ 36 again, which is our main target in the daily chart.

Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.

Thank you very much.

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* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *