UKOIL: Looking to Bounce Back - Good Buy Opportunity at 70

17 Jul 2018

Aggressive Bear movement was initiated by the large order imbalance in the red zone (8H) Bearish Order Block. This move is set to fizzle out once price reaches into green (8H) and blue (1W) Bullish Order Blocks. Price is expected to brielfy reach into the liquidity zone resting below 70.80, and this will present a good opportunity for buyers to re-enter before the next rally. No long term targets are set as of yet but soft shorter term targets around 74 and 76 are fair game as of this moment. Buyers can scale in their positions on anything below 70.80 as bearish might linger for a little while before the bull movement kicks off.