There is an inverse H&S pattern forming on UKOIL with daily candles. The price has currently been trading in a channel shown in the chart and a breakout out of this to either direction would indicate a formation of a new trend. Break above 63$ could be used as an early entry to uptrend as indicated by the H&S pattern. However, if one wishes to take a more conservative approach to avoid a fakeout then entry after 64.20$ after breaking fibonacci resistance level would be a safe entry to the uptrend. The potential profit targets I would look for would be the next two fibonacci resistance levels which line up with previous resistance displayed by the candles. These values being 68.50$ 72.76$.
