UKOIL testing the top of descending channel in a 4-hour timeframe. Higher highs in price, and lower highs in Stochastic suggest bearish divergence. 100 SMA below 200 SMA confirms bearish sentiment. Potential downside targets: S1 ($76.25), S3 ($71.48) if price falls through $78.40. A rally past R1 ($81.02) may signal resistance to a downtrend, a potential reversal. Upside targets at R2 ($83.18) and R3 ($85.79) if bullish momentum continues. Keep an eye out for the Santa Claus rally, which could impact market dynamics.