#ukoil - Double bottom, aiming $95
Hi guys! ЁЯСЛ
ЁЯФФBrent crude has been in a prolonged corrective phase since the 2022 highs, but price action now suggests a potential trend reversal from a well-defined long-term support zone.
ЁЯФФ The market has twice defended the $58.7 level, forming a clear double bottom structure and signaling seller exhaustion after an extended downtrend.
ЁЯФФ The first rebound occurred near the 0.5 Fibonacci retracement, strengthening the validity of the base and increasing the probability of a sustained upside move.
ЁЯФФ Key resistance levels to watch are $72.5, $77, and $86.5, each acting as a structural barrier that must be cleared to maintain bullish momentum.
ЁЯФФ A confirmed breakout above these zones opens the path toward the $95тАУ$95.7 target, which represents the measured move of the double bottom pattern.
ЁЯФФ From a macro perspective, steady global oil demand growth and persistent geopolitical risk in major producing regions may support higher prices by sustaining a risk premium.
Bias : Bullish above $58.7
Invalidation : Sustained breakdown below the double-bottom base
тЬК Good luck with your trades! тЬК
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