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WTI oil - head and shoulder on hourly chart

FX:USOIL   Crude Oil (WTI)
OPEC meeting has ended without a deal..but the deal wasn't expected in the first place. Anyways, the hourly chart now shows US oil             could be forming a head and shoulder formation with neckline support at $47.85.

  • Its appearing at the top of the recent rally, Plus we also see Cypher Leg D in progress. Thus, sharp losses could be seen if prices dip below neckline level.
  • Again, Bearish invalidation is seen only if prices see a day end closing above $50.18
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