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WTI OIL Inverse H&S targeting $76.50

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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