Oil prices have completed inverse head and shoulder formation. On the weekly chart we can clearly see prices tested neckline level of $51.90
A successful breach of inverse head and shoulder would give us upside target of $77.70, which as of now appears over ambitious and could possible happen only if we get a bigger OPEC output cut.
On the other hand, failure to reach a deal at a time would mark failure at neckline level, which in itself is a highly bearish formation.
A successful breach of inverse head and shoulder would give us upside target of $77.70, which as of now appears over ambitious and could possible happen only if we get a bigger OPEC output cut.
On the other hand, failure to reach a deal at a time would mark failure at neckline level, which in itself is a highly bearish formation.
