We don't know if last week's agreement on oil prices signed by countries belonging to OPEC will be a "real effects" agreement, or not. If it were, it would be the main driver keeping oil priced up. What is certain, is that on the daily timeframe
USOIL
has broken it's corrective structure (flag) towards the upside, and heading towards it's 52.15 target, or further. Looking at the weekly timeframe, it becomes now quite clear that end of July's low of 39.17 is the right shoulder of a bigger bullish H&S pattern, with long term target in the $ 75 area.
Let's see if we can find a decent long entry point on lower timeframes with a decent R/R ratio. Updates will follow.
USOIL
has broken it's corrective structure (flag) towards the upside, and heading towards it's 52.15 target, or further. Looking at the weekly timeframe, it becomes now quite clear that end of July's low of 39.17 is the right shoulder of a bigger bullish H&S pattern, with long term target in the $ 75 area. Let's see if we can find a decent long entry point on lower timeframes with a decent R/R ratio. Updates will follow.
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Another scenario is that, despite the upward impulsive movement of last week, Oil is still bound for a deeper downward correction through a longer term ABC movement visible in this chart, and with a "C" target in the $38 area, meaning that the right shoulder still needs to be met, in reality.
