Pretty self explanatory.
With the recent bearish wave in Oil and many other commodities, Oil has recovered it's bullish wedge and has began forming what looks like a H&S pattern.
Severely oversold and battered on the 4hr, daily and weekly, Oil might just be making a come back.
News aren't bullish at all and most traders are in short positions, this for me usually means that bulls moves are up ahead.
In all honesty though, I just can't believe that Oil isn't ultimately going to reach this years high with the Russia situation and the lack of Oil supply and production in the west.
Yes China is on a lockdown and there's fears of a recession, but I doubt any western government who can print and control their currency is going to allow a recession to take place in a time like this.
I've been holding oil for quite long and for a good reason.
Final target for this potential bullish H&S is the conservative target of the distance between the head and the base, with it potentially reaching the yellow resistance drawn.
As always, trade at your own risk!
With the recent bearish wave in Oil and many other commodities, Oil has recovered it's bullish wedge and has began forming what looks like a H&S pattern.
Severely oversold and battered on the 4hr, daily and weekly, Oil might just be making a come back.
News aren't bullish at all and most traders are in short positions, this for me usually means that bulls moves are up ahead.
In all honesty though, I just can't believe that Oil isn't ultimately going to reach this years high with the Russia situation and the lack of Oil supply and production in the west.
Yes China is on a lockdown and there's fears of a recession, but I doubt any western government who can print and control their currency is going to allow a recession to take place in a time like this.
I've been holding oil for quite long and for a good reason.
Final target for this potential bullish H&S is the conservative target of the distance between the head and the base, with it potentially reaching the yellow resistance drawn.
As always, trade at your own risk!
