Weekly update on Oil
One thing about trading, and technical analysis is that its easy to start seeing ghosts.... In this case, we have what could be a potential head and shoulders pattern forming on the 4hr chart. Which if price breaks below the neckline would be very bearish. However one could also looks and see the triple bottom that's formed and the most recent bounce off that support on Friday, and assume this is bullish.
Lesson here is don't guess...wait for price to confirm the direction. Patience is key. I'm very curious to see what Monday brings and if this bounce off support is real or just a fake out before it breaks the neck line of the Head & Shoulders pattern... Either way the price will move nicely.
*Trade at your own risk - have fun!
Lesson here is don't guess...wait for price to confirm the direction. Patience is key. I'm very curious to see what Monday brings and if this bounce off support is real or just a fake out before it breaks the neck line of the Head & Shoulders pattern... Either way the price will move nicely.
*Trade at your own risk - have fun!
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