Light Crude following Channel Bearish Shark

February Light Crude slowly continues up the bullish channel. Starting to turn sharper angel suggesting a possible turn around. The mid point on the weekly chart is 65, so long term target is 65. We have achieved a bearish Shark which could force Light Crude down to the bottom of the channel before heading back up. Short term RSI is in overbought scenario, but long term RSI can reach 85, which was last year. PIvot at 56.89 is support. Waiting to see if this breaks or surges up again toward R1 at 58.72, then R2 at 59.84

Comment:

Light Crude fell through pivot. Target S1 at 55.07.

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We might have a head and shoulders opportunity in Light Crude. Neckline comes in at 55.09. Need confirmation on Monday. However, all H&S on this uptrend failed. Be wary.

Comment:

Light Crude moving up. Target R1 at 58.72. We may not see H&S. Above the 20 day moving average again.

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Light Crude has built out all parts of H&S, now needs to go under the neckline at 56.89 and stay below.

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Light Crude still showing H&S possibilities. PIvot still the break point.

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Light Crude disregarding H&S. Needs to break R1 at 58.72 and stay above for any more upside

Comment:

Light Crude headed for 61. R3 will become resistance for RSI.