TVC:UKOIL fell out of its long channel formed in 2016 and provides excellent opportunities for trading.
What do we have? 1. Break down 12 November 2018 Price channel formed from January 2016 2. Touch the outside support line (marked in red).
Conclusion: 1. TVC:UKOIL is in a deep bearish rally, breaking through the price channel and going down to the nearest support line. 2. The indicators show a strong oversold of the asset at the moment, which indicates an imminent rebound to the area of 67. 3. Overall the picture is very bearish and recommended actions to sell.
Trade recommendation: 1. Put a pending order to sell at the price of 61 (below red line). Take profit-57, Stop loss 64.