I see this pattern all the time, after an uptrend, what seems to be either a bullish flag or a H&S pattern forms.
- After reaching a 52 week high of $53.74 crude oil has pulled back in consolidating fashion.
- A head and shoulders pattern also has formed with the neckline at $52.66.
- WTI broke that neckline today but on very low volume
I believe this is indeed a bullish flag, based on the indicators and oscillators above, however I would wait to establish any position until a strong breakout occurs on above average volume.
- After reaching a 52 week high of $53.74 crude oil has pulled back in consolidating fashion.
- A head and shoulders pattern also has formed with the neckline at $52.66.
- WTI broke that neckline today but on very low volume
I believe this is indeed a bullish flag, based on the indicators and oscillators above, however I would wait to establish any position until a strong breakout occurs on above average volume.
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Welp, I guess that answers that question....
