BobVanders
Short

WTI Oil H&S 15 min Chart

FX:USOIL   Crude Oil (WTI)
Patterns over a weekend are quite dodgy but let's see how this plays out. Head and shoulders forming (or arguable already formed and we're on a second right shoulder). So anyway the crucial thing is, do we break the neckline, and then will we hit our price target (calculated from the height of the Head from the Neckline) before we hit our stop (high of the right shoulder)?

Interested to see. Anyway, the alternative scenario is the price breaks out of the green line and above the right shoulder. That would seem to indicate we're consolidating for another move up.
Comment: Should add that in longer timeframes this could still be part of a larger corrective move upwards, which in turn is part of a downtrend on even longer timeframe!

The target for the H&S coincides with a rising trendline, so if this plays out, consider reversing position at that point, rather than simply closing.
Comment: Neckline never really broke here so no trade in the end.
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