Get started
UnknownUnicorn4148911

USOIL: Head and shoulder forming? (weekly view)

Short
CFDs on WTI Crude Oil (TVC:USOIL)  
UnknownUnicorn4148911 Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis usoilshort Crude Oil WTI
7
0
trendanalysis usoilshort usoil
We broke trend and there is a possibility that oil is about to go parabolic, but i have my doubts. API report came in yesterday with a buildup of 3m, and today we will get a better view with the EIA report. If they are the same it could be a sign of a general doubt that these prices are sustainable, and i think anticipating a (maybe small) drawdown before buying is wise.
Comment:
Head has been formed nicely, lets see if we can drop just a little bit more and start the right shoulder.
Comment:
Oil went off and did it's own thing, and while a H&S still could form, i think this chart should now be disregarded.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.