UKOIL is testing the descending channel resistance.
The market brokedown below the rising wedge support as expected from my previous analysis.
RSI is printing a bearish divergence signal.
Price action is printing a double top reversal pattern.
Breakdown below the double top neckline support could be a bearish signal ⬇️.
The BRENT.CMD/USD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session.
As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end...