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 in long term. The weekly diagram shows and the monthly marginally too. Monthly diagram is likely to follow an symetric triangle movement.
is weakening its force and turns and rise from oversold levels. As you can see in diagram the price reatcs from $110.52 level.
We have no special 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 this 2.618 of fibonacci projections.
So I think that if the 2.618 of fib is a and the price has made a multiple bottoms, then it looking forward the Tenkan Sen (1st) and the 200 @111.50. Stop loss under 110.38.