June 14, 2017

CRUDE Oil channel and Head and Shoulders patterns

  • 4 Hour chart shows the immediate support line for the current fall. Current fall is likely to take price below 44 levels.
  • Daily chart is showing bigger possibilities for bears. There is a head and shoulder pattern with 2 shoulders. If this goes well for crude bears price may reach levels below 40 in the near term. There could be bounces But the easier target to predict at this juncture is 42 and 40 levels in the short term.