wti update

once again head and shoulder setup came to my mind and drew new neckline .
we are waiting for price and know how it will treat with neckline (red line) and also its above trend line as depicted on the chart with a purple rectangle .
upon breaking or not we will have different bearish or bullish scenario
please share your comments and or anything about this analysis .
please see my previous bullish and bearish analysis :

Comment:

The U.S. Federal Reserve has been on an interest rate hiking campaign since last March. It may be nearing the end of this cycle, but traders aren’t sure when that will be and at what level. This is creating concerns over a possible recession and demand for oil.

Tuesday’s U.S. consumer inflation report is crucial and it could force the Fed to tighten policy more aggressively if it comes in hot. Not only could it determine how high and for how long the Fed will lift rates, but it could slow economic growth as well as a crude demand.

Comment:

An acceleration in U.S. consumer prices in January and hawkish comments from Fed speakers warning that the U.S. central bank will need to keep raising interest rates to beat inflation is also weighing on crude oil on Wednesday.

Crude oil prices are being pressured by the belief that the higher interest rates rise in the U.S., the closer the economy moves toward a recession and lower fuel demand.

The Fed Funds rate is now expected to rise to at least 5.2% by June or July, much higher than previously anticipated.

Comment:

World oil supply looks set to exceed demand through the first half of 2023, but the balance could quickly shift to deficit as demand recovers and some Russian output is shut in