Head & Shoulders Formation on Oil Chart

TVC:USOIL   CFDs on WTI Crude Oil
This is not a a favorable risk/reward setup at current price but still a possibility.

At the time of publishing this chart, prices were at 43.17 and since we have just touched the long term trend line that is drawn from below 30 dollars level, definitely a bounce can be expected.

Also, selling pressure is expected to once again be visible at higher prices. Short positions should be taken in parts at various higher levels as the stop loss is almost as equal to the profit potential target.
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