Inverse head and shoulder pattern

Inverse head and shoulder pettern that broke out in november last year. After it broke out it retested the breakout line and managed to hold it.

Long: above 58,25
S/L: 53,50
TP1: 69,5
TP2: 88

Timeframe 4-5 months

Note

It does looks like a head and shoulder pattern is emerging in daily chart, but I think its too small to change the current trend. Neckline break is at 53,50. I will change my strategy for entry if the neckline breaks. Will be looking for an long entry at 50 level if 53,50 breaks.

Note

Oil looks really strong, I will have a buy stop at 58.30 and S/L at 53.50 and aim for 85.

Mattson

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Mattson