June Heating oil rallied off the low, posted on the April 28 reversal swing date. The market had dipped down into the reversal date, with two lower closes, leading into the pivot low. After finding support from the lower up-sloping action line, Heating oil ended the corrective pullback and turned higher. The new upward thrust is pushing the market out of the cconsolidation pattern where it has been trading over the past three weeks. The market should have built up enough energy to break out of the pattern and begin the new upward swing into the next reversal date on May 7th. This reaction swing pattern also projects a price target objective at 2.4250.
How to find and use the reaction swing pattern to make future Time and Price projections for swign trading is covered in the book “Unlocking Wealth, Secret to Market Timing.”