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Oil completes inverse head and shoulder

TVC:USOIL   WTI Crude Oil
Oil             prices have completed inverse head and shoulder formation. On the weekly chart we can clearly see prices tested neckline level of $51.90

A successful breach of inverse head and shoulder would give us upside target of $77.70, which as of now appears over ambitious and could possible happen only if we get a bigger OPEC output cut.

On the other hand, failure to reach a deal at a time would mark failure at neckline level, which in itself is a highly bearish formation.
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