zhipengcfel
Short

Potential reverse zond for brent oil

FX:UKOIL   CFDs on Crude Oil (Brent)
Brent oil forms a similar structure with CLM2016 (us oil contract at June):

1) Retrace 0.618 of last bearish wave and came to a big resistance zone
2) A wedge pattern forms for the retrace;
3) A butterfly harmonic pattern was completed;
4) A divergence was shown on the indicator;

It is a nice selling setup with SL at around 44.1 and TP at around 40.6;

Note: If the price breaks out of the resistance zone , this analysis will be invalid.

Good luck for everyone!

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