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WTI Oil – Eyes inverse head & shoulder neckline

TVC:USOIL   WTI CRUDE OIL
Oil             clocked one-year high and appears on track to test the inverse head and shoulder neckline level of $52.00 as there are little signs of stress on daily indicators.

Whether or not we see a bullish break depends on the noise surrounding the output freeze agreement between the major producers.

Also note the weekly 100-MA is yet to bottom out and still sloping downwards, hence caution is advised especially if prices move above neckline resistance.

On the downside, critical support is $49.12.
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