Heating Oil (final update)

Heating Oil created 3 different bullish patterns in late March.  A double bottom, a MM fade, and a MM pullback.  The targets of the double bottom and the MM fade pattern were both reached.  However, the MM pullback trade failed to reach its target and is no longer active.

April 8 post:
This past week saw heating oil reach its MM Fade pattern minimum objective and its double bottom objectives.  Next up is the MM Pullback minimum target of 1.7122.  Prices are currently above all 4 moving averages, but found resistance at a 461 Fib extension from a small MM pattern.  There's also upside resistance from a volume @ price range between 1.6415 and 1.6720.  In this range, there's a monthly R1 pivot that could cause a pullback.  Over all, this pattern is still looking very good with lower support between 1.6000 and 1.5685.