Oil is falling back down to major near term support around $21.50 per barrel it cannot hold the $25 level today which is an important level in the short term. The 4-hour chart is showing us that it could be a lower head & shoulders forming. Not my favourite charting pattern but the technicals are showing that this level has enough buyers to complete the pattern. If we lose that level, we could go as low as $15, I am confident we will not see that as the OPEC+ meeting on the 9th will provide a needed boost.
What do we have here?
✔️ Bullish H&S Forming
✔️ OPEC+ Meeting on 9th April
Thank you, Connor,
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What do we have here?
✔️ Bullish H&S Forming
✔️ OPEC+ Meeting on 9th April
Thank you, Connor,
Please feel free to follow me to get more analysis. On Tradingview I share 1hr, 4hr, 1D, 1W charting analysis across major instruments only. For more short term analysis and trading ideas please subscribe to The Margin Call.
