UKOil Potential Cypher Pattern
Entry area between 47.45 (minor support) and 50.40 (Cypher Point D)
Stops @ 43.60, below X Point. There is not much structured support below X unless you go really far back and the risk becomes too great, therefore $1.57 below X should be a decent, not-too-tight, stop.
Targets @ 57.73, 38.2 of CD
Falling to Point D would mean a break of the long-term bearish flag, see linked related idea.
A reversal at D could be an anticipated retracement from the breakout.
There's also a similar approach with a smaller pattern, D being much higher:
Stops @ 43.60, below X Point. There is not much structured support below X unless you go really far back and the risk becomes too great, therefore $1.57 below X should be a decent, not-too-tight, stop.
Targets @ 57.73, 38.2 of CD
Falling to Point D would mean a break of the long-term bearish flag, see linked related idea.
A reversal at D could be an anticipated retracement from the breakout.
There's also a similar approach with a smaller pattern, D being much higher:
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