WTI Oil (USOIL) broke above its 4H MA50 (blue trend-line) today for the first time in almost 1 month (since June 10) and technically may be forming the Right Shoulder of an Inverse Head and Shoulders (IH&S) pattern.
Technically this is a bullish break-out signal and the IH&S typical Target is the 2.0 Fibonacci extension. This is at $76.50, where it may face the key Resistance of the 4H MA200 (orange trend-line).
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Technically this is a bullish break-out signal and the IH&S typical Target is the 2.0 Fibonacci extension. This is at $76.50, where it may face the key Resistance of the 4H MA200 (orange trend-line).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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For Crypto trading I use WhiteBIT: low fees, deep liquidity & advanced futures 👉 tradingshot.short.gy/WhiteBitTrade
For Forex trading I use TradeNation: fixed spreads & zero commissions 👉 tradingshot.short.gy/Tradenation
For Forex trading I use TradeNation: fixed spreads & zero commissions 👉 tradingshot.short.gy/Tradenation
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.