UKOil (Bearish Bat)

Apr 28, 2021

Here on Brent Oil we have a bat pattern (much cleaner than West Texas) the Grey Box indicates some areas of confluence. the middle of the box is the .886 of the XA leg. the low side of the box is the 1.618 Fibo Extension of the ABC legs of the pattern and the top range of the box is 2.0 range of the BC leg. this area has proven on the left to be quite powerful printing an 88 point swing point. look for a violent rejection out of this zone for a minor reaction. Look of a "M" pattern for a more substantial reversal. I think this is more of a corrective move of the much larger picture so be prepared to see an ABCD pattern bringing price back up for the longer haul.