WTI CRUDE OIL: Forming a Head and Shoulders

WTI Crude Oil is in the process of forming the Right Shoulder part of the Head and Shoulders pattern on a neutral 4H technical outlook (RSI = 48.188, MACD = 0.000, ADX = 33.202). A long as the price keeps getting rejected on the 4H MA50, the trend remains bearish but it will be confirmed if the price crosses under the HL trendline (sell trigger). If that happens, we will target the middle of the S1 Zone (TP = 73.00), which is where the 4 prior H&S patterns aimed at.

Note that for more than 1 year, the Head and Shoulders pattern has always been the market peak and started strong declines.


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