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UKOIL H4 Potential bearish continuation for TVC:UKOIL by VantageMarkets

On the H4, with price moving below the ichimoku cloud and the current bearish momentum, we have a bearish bias that price will rise from our entry where the horizontal pullback resistance and 78.6% fibonacci retracement is to our take profit area in line with the next horizontal swing low support. Alternatively, price may break support and head for our stop loss area of 112.53 where the next swing high and 61.8% Fibonacci retracement is. Take note that we are waiting for the break of support to confirm the bearish continuation.

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