In the last week, UK Oil has made repeated attempts to break through the long time key level of $43 after easing back below this level last week. After settling in a narrow range right around $40 after having fallen sharply for the week prior from a six month high above $46, UK Oil did well to rally back to this key level before easing below again. For the last four months the $43 level has played a key role in UK Oil and continues to do so as it is currently providing resistance. Several weeks ago UK Oil reached the six month high, after very slowly but steadily moving higher in a period of very low volatility. It very slowly moved through the key level at $43 in July and has since ever so slightly crept higher. It was able to enjoy some strong support from the $43 level, however this has now been strongly broken through and is providing some resistance as expected.