# Has Wall Street Started To Move To Oil Again?
**Date:** 2026-06-02  
**Source:** [YouTube](https://www.youtube.com/watch?v=lQsn9j94Kbw)

## Main Thesis
The video analyzes Brent Crude Oil (UKOIL) at a critical juncture, observing a potential double bottom pattern and a struggle around the $98/barrel resistance, suggesting a possible shift in market sentiment towards oil.

## Charts & Technical Analysis

### 1. UKOIL (Brent Crude Oil) (4-hour)

**Bias:** NEUTRAL TO CAUTIOUSLY BULLISH
**Pattern:** double bottom forming
**Key Levels:** 91.58 support, 98.00 resistance

The chart shows Brent Crude Oil (UKOIL) on a 4-hour timeframe. Atkinson points out a resistance level around $98/barrel that the market initially didn't respect, continuing its downward trend. However, he then highlights a potential double bottom pattern forming around the $91.58 support level. He questions whether the market will break through $98/barrel, which would confirm respect for the support level and potentially signal an upward move. The market has continued to move down but shows signs of structure forming at this critical point.

### 2. UKOIL (Brent Crude Oil) (weekly)

**Bias:** NEUTRAL
**Key Levels:** 91.58 support, 92.02 (weekly 20 MA)

This chart displays UKOIL on a weekly timeframe, emphasizing the critical nature of the current price action. Atkinson notes that the price is interacting with the weekly 20-period moving average (MA) around $92.02, which is very close to the previously identified $91.58 support level. He states that 'so many things' are happening around this zone, indicating a significant decision point for oil prices.

## Key Calls & Predictions
- Watch for a break above $98/barrel in Brent Crude Oil as a sign of respect for the current support level and potential upward momentum.
- Monitor the price action around the $91.58 support and weekly 20 MA for Brent Crude Oil as it's a critical zone.

## All Instruments Mentioned
UKOIL, Brent Crude Oil

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*Generated by FX Evolution Monitor on 2026-06-02 20:00:12*