TradingTechs

Possible H&S forming in USOIL

TVC:USOIL   WTI Crude Oil
There is a possible H&S formation in USOIL             and it is something to look out for. To confirm the H&S a break and close below the neckline is needed. This is still very premature as various support levels (ascending trendline , previous swing lows at 42.30 area, and the neckline) are present. Also keep in mind that USOIL             is very dependent on fundamentals and with OPEC talks going on any directional bias can be eliminated depending on the outcome of the talks. A break and close above the downward sloping trendline scraps this idea
Comment: Gapped down and bounced. Look for a short setup around 47 (Mara line, magenta)
Comment: Fundamentals are swinging this around like a rag doll. Big meeting tonight and also EIA inventories will increase volatility. Trade at your own risk
Comment: Idea didn't get a chance to materialize thanks to OPEC and the biggest green candle we have seen in a while. Due to the shift in fundamentals, longer term direction is distorted and it will take some time to show some accumulation and direction
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