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Crude Oil (Brent) 4H (06.07.2014) Technical Analysis Training

FX:UKOIL   CFDs on Crude Oil (Brent)
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The Brent oil ( UKOIL ) 4H Diagram Technical Analysis shows the following:

The UKOIL price has made a long term decline under the resistance red line. This resistance line is under the KUMO, which means that the UKOIL is bearish in long term. The weekly diagram shows bullish trend and the monthly marginally too. Monthly diagram is likely to follow an symetric triangle movement.

MACD is weakening its bearish force and turns bullish and RSI rise from oversold levels. As you can see in diagram the price reatcs from $110.52 level.

We have no special candlestick pattern. The price is under the KUMO, the Kijun Sen (blue line) and Tenkan Sen (green line) too. The last week decline stopped 5 times on $110.52.

There is no special pattern. The fib from $115.15 to $113.38 shows a 2.618 level at $110.52. It seems like a support level this 2.618 of fibonacci projections.

So I think that if the 2.618 of fib is a support level and the price has made a multiple bottoms, then it looking forward the Tenkan Sen (1st) and the EMA 200 @111.50. Stop loss under 110.38.
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