Oil is now very much favored by many to head lower, but reviewing the charts is always best.
A clear Head & Shoulders pattern has been formed and a break of the trendline / neckline would imply a nice move to the 27 area.
I suspect once this area is reached, a bottom may be forming as I can;t see oil sustaining at this price.
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EvanJones
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Here we can see our target has been hit and obeyed based on the H&S pattern I identified. There may be a small lower low to be made before we then consider entering long. If price consolidates for a few days, I will update this post.
transmega
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where is up trend before H&S? No correct
EvanJones
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Don't think I understand your comment? The pattern is a clear H&S pattern with a an approx 30 degree incline neckline. A break of this would imply a move the height of the head moving south to the 28-27 price area. Hope that clarifies your comment?
Michelok
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Nice one indeed. Entered it, with LT target 18 :0)
Here we can see our target has been hit and obeyed based on the H&S pattern I identified. There may be a small lower low to be made before we then consider entering long. If price consolidates for a few days, I will update this post.