WTI Oil – Eyes completion of Inv. H&S

FX:USOIL   CFDs on Crude Oil (WTI)
Weekly chart patternInverse H&S with neckline resistance at $51.95

Daily chartMoney flow index is well into overbought territory, RSI is yet to hit overbought levels.

Overall, it appears the prices are likely to stay upbeat, although overbought money flow index could take the wind out of the bullish momentum, thus leading to short-term sideways action around $46.-48 before a final sprint             at neckline hurdle of $51.95 is made.

Baker Hughes             oil             rig count number due today could make/break the current rally in oil             prices.

Check out why many London City experts believe the rally contradicts fundamentals in our show titled - London open: oil             rally – shaky fundamentals, slope of hope - 17/08/16

Link - http://www.tiptv.co.uk/article/VideoServiceChannel16363/40419
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