giving considerations for a long inverse head and shoulders set up. I would like to long $47.21, but I can see oil breaking the channel.
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*1hr view* AD showing bearish head and shoulders pattern. 3/15 bearish cross confirmed. Don't want to see either of the 3 or 15 ema cross over the 50 ema, puts pressure on $48.63 level my current target based off 1hr chart
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Still waiting on Handle to be completed on the Daily
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that channel is being tested
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W
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we'll know soon enough
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this gives a 10/1 risk reward ratio w/ a stop at the left shoulder low. Notice the target the 161.80% fib level $55.75, this is all considering $47.00 is not the bottom and that oil retraces to the .382% fib level