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We are monitoring the $ukoil petrol( graph. It has gained attention again with war rhetoric. When I look at this image, after a slight rise, peace rhetoric may come again.
The rise could continue up to the 105 level. However, this is a resistance level. If it is rejected, the decline may continue again.
The condition for canceling the expectation is a daily and weekly close above the 119,487 peak. If a close occurs, it means the war has intensified further.
If the decline in oil continues, it indicates that peace talks are ongoing. When the decline reaches the support level at 76.834, which is the 0.618 correction level of all the rise, and if negative news comes again, this support will hold and a rise may occur again.
If the support does not hold, peace news will continue to come.