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SharifAzadeh
Dec 16, 2016 12:17 PM

Oil; Short Term H&S pattern points to resumption of uptrend Long

Crude Oil FuturesNYMEX

Description

I will go long after breakout of downward channel and H&S neckline.

Good luck,

Ali Sharif Azadeh, CFTe
Comments
mnmanstein
Thanks Sharif. I would agree that we are continuing on up this coming week. Your target of $54.54 is certainly within reach.
SharifAzadeh
@mnmanstein, Agreed
mnmanstein
@SharifAzadeh, One thing does give me pause for concern though. Did you notice the fairly obvious rising wedge forming over the past 2-3 weeks? Usually that means we are due for a bearish reversal, but looking farther out, I see an ascending triangle (Bullish), and even further out (going back to late 2014), we are on the right shoulder of a massive reverse head and shoulders (Bullish). Never the less, I will be paying very close attention this week, just in case the rising wedge runs its course, and things start to fall.
SharifAzadeh
@mnmanstein, You are right; various opposing patterns forming here. I like to play from the long side though; considering the overall bullish sentiment for commodities and higher inflation on a global scale.

Good luck,
AMBRISH
Thanks,
SharifAzadeh
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