NOt confirmed by any means at this stage, just an idea that may help us trade a possible reversal in oil. The reversal may not come, but we broke the recent long downtrend line, green, and now making a few bearish moves. Possibly we come to retest that downtrend line as support, around the 30 mark. A bounce at that point would start to form the right shoulder of an inverted head and shoulder pattern. A break of the neckline is the entry. The target will be around 38-39 depending on where the neckline break occurs (measure the height of the head from the neckline to compute target)
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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.