NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
92 5 3
As expected (see previous posts), the 20 DMA provided with a resistance.
To go on with our building of an inverted H&S, a pullback must not drag price below the 200 DMA.

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tbuckle PRO
3 months ago
do you think we pull back to close to 200 MA or not much further 42.7?
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Bakou tbuckle
3 months ago
Hi tbuckle,
I will observe the shape of the pullback and where it goes to.
If it is a sharp one, dropping fast and low, it is a bad omen.
If it descends gently to a convenient support, we may resume upwards.
So far, on the hourly chart, the 200 x 1h MA corresponds with the 50% Fib of the recent upward move. This could be a nice support.
Best regards.
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tbuckle PRO Bakou
3 months ago
Thank you for the response. I guess that is what is so concerning about the drop, is that it was such a big drop ....what like .65
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tbuckle PRO tbuckle
3 months ago
what are you thinking 41.23?
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Bakou tbuckle
3 months ago
Hi tbuckle,
Sorry for the late answer.
Err... We cannot know the level precisely. What we have to determine first is whether it is a pullback en route to a large move north to complete the potential H&S, or if it is the descending trend resuming.
Again, the shape of the down move will tell us.
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