FTSE100 has formed a bearish butterfly pattern in the 1hr chart and is currently trading around 6290 where I placed a sell stop order.
The intraday scenario shows
Risk of falling to 6,170 which will not affect the current trend but it could represent a temporary correction.!!
All details on the chart.
WTI crude oil prices rose significantly with a very modest rally in the last few sessions!!
on D chart, we can see that the price seems to form an inverse pattern of head and shoulders (Unusual) suggesting a possible continuation of the signal with a positive trend.
however, the move may be corrective because the price may form a continuation pattern or...
WTI crude oil is very bullish from a technical point of view and also well supported by fundamentals.
I think we could see a bullish continuation at higher levels than these 2 structures, most likely the bulls will continue to push the market at least to the 58.18 level with the possibility of a small correction in the next sessions.
I'm flat at the moment...