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10:02, 04 ноября

Market Recap

On Tuesday last week we covered UK Oil which continued to ease lower through the week before surging higher to close out the week and to regain most of the week’s losses. In the last few weeks, UK Oil has moved higher back above the key $60 level looking higher towards another key level in $63, before easing during the last week away from this level. It has now traded between $58 and $63 for the most part of the last two months as it looks likely to test the resistance at $63 again.
Prior to its recent steady move higher it had fell sharply from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher.