USOIL: Head and shoulder forming? (weekly view)
We broke trend and there is a possibility that oil is about to go parabolic, but i have my doubts. API report came in yesterday with a buildup of 3m, and today we will get a better view with the EIA report. If they are the same it could be a sign of a general doubt that these prices are sustainable, and i think anticipating a (maybe small) drawdown before buying is wise.
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Head has been formed nicely, lets see if we can drop just a little bit more and start the right shoulder.
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Oil went off and did it's own thing, and while a H&S still could form, i think this chart should now be disregarded.