frexbull
Long

WTI USOil Inverse H&S: Target $65 Long Term

FX:USOIL   Crude Oil (WTI)
In addition to my near term trading view, weekly chart show long term inverse H&S pattern as well. RSI upward move remains intact. CCI now at negative readings points to oversold levels while OBV/price divergence signals move upward still has room to be materialized. Strong USD may not persist given FOMC rate policy continues to remain gradual.

Long term buy entries above $50. Break above $50 will see the price move to the next major resistance range at $60 to $65.
USOil has now reached near term target of 43 to 44 after making inverse H&S reversal (see WTI USOil Inverse H&S post). Hope the long term target is met as well. I will get back with an updated analysis on the charts soon.
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