WTI US Oil Inverse H&S near term

6 thg 8, 2016

USOil daily chart showing an inverse H&S pattern. Price is closed at neckline of $42. Breakout above $42 with meaningful conviction may bring the price to next major resistance of $45 to $46. Momentum indicators like CCI and RSI still have room to support potential upswing in prices. OBV yet to show improvement. Failure to break neckline signals continuation from the bearish downward trend to $38.

Zoom in 4hour chart to see clearly inverse H&S pattern.