My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
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.
No comments:
Post a Comment