Clear H&S Pattern on US OIL

FX:USOIL   Crude Oil (WTI)
540 4 6
Oil             is now very much favored by many to head lower, but reviewing the charts is always best.

A clear Head & Shoulders pattern has been formed and a break of the trendline / neckline would imply a nice move to the 27 area.

I suspect once this area is reached, a bottom may be forming as I can;t see oil             sustaining at this price.

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Michelok PRO
a year ago
Nice one indeed. Entered it, with LT target 18 :0)
transmega PRO
a year ago
where is up trend before H&S? No correct
EvanJones PRO transmega
a year ago
Don't think I understand your comment? The pattern is a clear H&S pattern with a an approx 30 degree incline neckline. A break of this would imply a move the height of the head moving south to the 28-27 price area. Hope that clarifies your comment?
EvanJones PRO
a year ago

Here we can see our target has been hit and obeyed based on the H&S pattern I identified. There may be a small lower low to be made before we then consider entering long. If price consolidates for a few days, I will update this post.
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