July 29, 2016

CRUDE Oil Inverted Hand and Shoulders pattern

  • One hour continues to trend in favour of crude oil bears. All consolidations are resulting in new lows for this time frame.
  • Daily chart is near 200 SMA. For now 200 SMA is around 40.40 levels approx. 
  • Weekly chart shows the possible formation of an Inverted Head and Shoulders pattern. Current fall if limited to the 200 SMA or around it there could be a reversal to form the right shoulder of the pattern. But if price starts to close below 38 levels this possibility will start to faint. 
  • USDJPY Chart Analysis

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