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.
Note
Welp, I guess that answers that question....
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.