We have recently seen a nice rebound in UKOIL after the massive downturn due this summer from 50 area. As for now the price as has retraced around 61,8% from consolidation high around mid 48 area, which also acts as horizontal resistance around 46 area.
Short term, we should see some support around 43,50. If this level fails, we could very likely retest recent lows around 41 area.
In that matter, trend is your friend and a possbile short trade should be nice.
Trade setup:
Short at current levels (43-44 area) with 1/3 of desired size. Rest if we rebound up to 45,50-46. Stop loss if the price closes above 46. Target should be mid 30's.
Short term, we should see some support around 43,50. If this level fails, we could very likely retest recent lows around 41 area.
In that matter, trend is your friend and a possbile short trade should be nice.
Trade setup:
Short at current levels (43-44 area) with 1/3 of desired size. Rest if we rebound up to 45,50-46. Stop loss if the price closes above 46. Target should be mid 30's.
