AnaKingKong

UKOIL Head and Sholders

FX:UKOIL   CFDs on Crude Oil (Brent)
As shown UKOIL formed a classic head and shoulders pattern,

Firstly What is Head and shoulders pattern
Head and Shoulders formation consists of a left shoulder, ahead, and a right shoulder and a line drawn as a neckline. The left shoulder is formed at the end of an extensive move during which volume is noticeably high. After the peak of the left shoulder is formed, there is a subsequent reaction and prices slide down to a certain extent which generally occurs on low volume . The prices rally up to form the head with normal or heavy volume and subsequent reaction downward is accompanied with lesser volume . The right shoulder is formed when prices move up again but remain below the central peak called the Head and fall down nearly equal to the first valley between the left shoulder and the head or at least below the peak of the left shoulder. Volume is lesser in the right shoulder formation compared to the left shoulder and the head formation. A neckline is drawn across the bottoms of the left shoulder, the head, and the right shoulder. When prices break through this neckline and keep on falling after forming the right shoulder, it is the ultimate confirmation of the completion of the Head and Shoulders Top formation. It is quite possible that prices pull back to touch the neckline before continuing their declining trend.

We Expect it rise to 69.00@ as a first target before backing to neckline
An Important sign we have to notice is the volume while UKOIL rise, it should be happening in high volume , pattern losses its effect without the volume

Good luck,,,

Thank you
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