#ukoil - Double bottom, aiming $95
Hi guys! 👋
🔔Brent 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.
🔔 The market has twice defended the $58.7 level, forming a clear double bottom structure and signaling seller exhaustion after an extended downtrend.
🔔 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.
🔔 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.
🔔 A confirmed breakout above these zones opens the path toward the $95–$95.7 target, which represents the measured move of the double bottom pattern.
🔔 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
✊ Good luck with your trades! ✊
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