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