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Brent oil – Cypher formation and head and shoulder formation

FX:UKOIL   Crude Oil (Brent)
Support - $49.89, $49.00, $48.60

Resistance - $50.27, $50.48, $50.83

Cypher pattern on Brent daily chart can be viewed here - Brent oil             - Cypher pattern with Leg D in progress

  • Hourly chart also shows head and shoulder formation is under progress with neckline support at $48.60.
  • Brent’s break below daily low of $49.89 followed by a violation at $49.53 would strengthen the case for possible.
    drop to neckline support at $48.60 and also add credence to Cypher pattern .
  • Bearish invalidation is seen only in case of a day end closing above $50.83.
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