Uk Oil & Gas Plc Price: UKOG Has Sunk Low, Gathering Catalysts

PUBLISHED: 04 Oct 2023 @ 18:00 | Comments (0) | More info about Azeez Mustapha

The prevalence of selling pressures has been overly witnessed in the UK Oil &Gas Plc shares (LSE:UKOG), given that the price has to sink low toward the support line of 0.03, gathering catalysts.

Since May of this year, the downward trajectory has been so depressingly slow and steady, forcing bulls to take precautions against accelerating past the 0.08 and 0.09 points. As the market’s value has been haggling around this depreciation area of 0.033 or thereabouts, it is technically ideal for stockholders to reinvest in the company even if further declines below the current trading value will still play out afterward.

Resistance Levels: 0.05, 0.06, 0.07
Support Levels: 0.03, 0.02, 0.01

What trade position posture should be anticipated for the UKOG Plc stock, which is currently trading at about 0.033?
As it has been indicated at this time, it shows that the UKOG Plc shares have been pushed maximally to a lower-trading spot to denote that a swinging force is needed to invalidate further lows as the price has sunk closely to 0.03, gathering catalysts.

The 0.04 line acts as a major barrier line between the 50-day EMA indication and the 15-day EMA indicator, which are positioned above each other. Around the oversold zones, the stochastic oscillators are briefly crossing to the south, indicating that the start of rising forces may still be postponed for some time. However, it would be wise to immediately begin reinvesting in this stock market in order to take advantage of any potential recovering movements.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.