Uk oil is consolidating from a long time and it is taking support on a trendline and making compression pattern from march 2023, As per my wave analysis we can see crude around 60 dollars. After touching 60 we can see crude oil in uptrend. This is the last wave of downtrend 5 th wave. Thanks
Okay, so here we can see a bearish wedge, lets see how it goes for UK Oil.
According to my analysis UKOIL is SHORT. UKOIL take the resistance on Pitchfork upper line on 4H candle. 71.600 Works as support.