15 Aug 2016

IS CRUDE OIL WORKING ON A MASSIVE REVERSAL?

US OIL DAILY

As I mentioned in my video about a month ago (watch the video here) I have been waiting to see how the right shoulder of the massive potential inverse head and shoulders pattern develops.

It seems that as planned, after completing the breakout targets on the first test of the neckline at 50.00 the rate has indeed turned around to create the right shoulder.

The immediate attention should be now turned to the 3-month falling trendline resistance around 45.50. If the rate can manage to break above, we may could be looking for the next move towards the neckline once again.

However, it is likely we'll see another bounce lower first and a some period of consolidation after the last week's impressive upside move.





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