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There have been steady declines in the market value of the Union Jack Oil Plc shares bidding firm (LSE:UJO), as the price keeps falling in serial falls tailored to movements in consolidation style over time.
As the price has been striving to regain the strength to resume a bullish motion, a notable up swing index has been reached just above the 17.50 support line. To validate the likelihood of buyers preparing for rebounding later, a strong upward push must manifest against the trend line of the smaller moving average.
Resistance Levels: 22.50, 25, 27.50
Support Levels: 17.50, 15, 12.50
Should investors wait for UJO Plc shares to drop below the 17.50 support before buying them?
At the time of this technical piece, the stock price of Union Jack Oil Plc has pushed to an ideal low value that is worthy of buying into, even though there will be more lows as it is moving in a consolidation mood.
As the 50-day EMA indicator is on top, the 15-day EMA indicator has maintained its bearish position over candlestick formation. In order to place back lightly from the point of 40, the stochastic oscillators have veered northward from the oversold area. That implies that a drop is anticipated by a weak force. The crucial line for bears to cross will be at points between 17.50 and 15.
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