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$ukoil (petrol) We said there could be an upward move toward the 105 level. Now it is at the 105 level and is selling off from this level. As the chart is at these levels, there could be moderate developments between Iran and the US.
If peace rhetoric continues, the chart could be ready for further decline.
The cancellation condition for the expectation is a daily and weekly close above the 119,487 peak. If a close occurs above it, it means the war has intensified further.
If the decline in oil continues, it indicates that peace talks are ongoing.
If the decline reaches the support level at 76.834, which is the 0.618 correction level of all the rise, and negative news come again, this support will hold, and a rise could occur again.
If the support does not hold, peace news will continue to come.