• Oil prices turned bullish recently • Short term trend is bullish, possible minor head and shoulders in play • If the scenario is to become true, we are now forming the right shoulder, the last move before the breakout • Highlighted on the chart is the distance between the head and the neckline which is around 9.00$ • If the bullish breakout occurs, we project this distance to the breakout point • Target should be around 100 figure, if we get the breakout around 90
• Note: Patterns have a chance of failure quite some times, so it is always recommended to wait for a breakout. Traders should be patient and try to get as much confirmation as possible such as increasing volume at breakout.