USOIL has formed an inverted head and shoulders pattern. We are currently at the neckline ~53.60's where price has touched many times. If price breaks, we can expect price to move to the upside.
Price could move up to the first zone @ ~53.97 then we may find a retracement/retest of the neckline before price moves to ~54.30.
Waiting for breakout as confirmation before we enter.
Order cancelled
⋅
Price went the other way. This is why waiting for confirmation is important.
Comment
⋅
Price finally broke out. We can take this trade according to the plan. Wait for the retest + confirmation.