Oil right shoulder and breakout

Crude Oil (WTI)FXCM

Description

⋅ Feb 5, 2016 10:31 AM

This looks like a head and shoulder formation.

Stop: Above the right shoulder.
Targets:

First at the neckline.
Second at $25

$25 is the next strong support on the way down. It holds back in 2003 and two times as a resistance in 1996.