TipTVFinance

Brent oil - head and shoulder breakout on hourly chart

FX:UKOIL   CFDs on Crude Oil (Brent)
Pattern - Rising trend line breached, Head and Shoulder breakout

Brent's bearish break from rising trend line followed by a head and shoulder breakout ...and a failed attempt to rise above neckline today indicates prices could take out daily low of $43.30 and extend losses to $42.52 (Mar 18 high).

On the contrary, an hourly closing above neckline level of $44.13 could lead to sideways to positive action. On larger scheme of things, a day end closing above $45 is required to signal bearish invalidation.
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