Oil has retraced a bit from highs but has found good support from $71.00, which was a level we have identified in the past. This retracement seems to have formed an inverse head and shoulders with a neckline at current levels suggesting that oil may be preparing for an imminent breakout. The Fibonacci extension levels suggest that the relative high at $76.93 is a perfect target. The Kovach OBV has picked up substantially from the dip as has the Kovach Chande which suggests we could be gathering momentum for the breakout. If we fail to break out of this neckline at $74.67, however, we will likely retrace the entire move down to $71.00 again.
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Just as we called it!! Oil has broken out of our inverse head and shoulders pattern! Still has a bit to go before our profit target. Cheers to those who took this trade!! 🍾
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