Oil is continuing to follow the pattern of the March 2015 movement. The Green lines here representing a perfect clone of the from the low of 13th of January 2015 all the way to June 6th . Which this run from January 20th 2016 has held up amazingly similar. You can also see the pattern from that time in 2015 being perfectly alike the 2016 pattern.
But don't mistake this area of being the start of a Bull period. UKOil is still very and will not move up above 41 in the next month. Where as I believe the high will be between 37-39.