Firstly What is pattern
formation consists of a left shoulder, ahead, and a right shoulder and a line drawn as a neckline. The left shoulder is formed at the end of an extensive move during which is noticeably high. After the peak of the left shoulder is formed, there is a subsequent reaction and prices slide down to a certain extent which generally occurs on low . The prices rally up to form the head with normal or heavy and subsequent reaction downward is accompanied with lesser . The right shoulder is formed when prices move up again but remain below the central peak called the Head and fall down nearly equal to the first valley between the left shoulder and the head or at least below the peak of the left shoulder. is lesser in the right shoulder formation compared to the left shoulder and the head formation. A neckline is drawn across the bottoms of the left shoulder, the head, and the right shoulder. When prices break through this neckline and keep on falling after forming the right shoulder, it is the ultimate confirmation of the completion of the Top formation. It is quite possible that prices pull back to touch the neckline before continuing their declining trend.
We Expect it rise to 69.00@ as a first target before backing to neckline
An Important sign we have to notice is the while UKOIL rise, it should be happening in high , pattern losses its effect without the
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