OIL - Potential Inverted HS Pattern Forming
This is an informational note on the weekly outlook only (no pattern has been confirmed yet)
Looking at the Weekly chart, a potential inverted HS pattern could be on it's way. Don't be shocked if oil falls all the way to approximately 37.73 (TP1) over the next couple of weeks. If it finds support there or anywhere above there, then watch for a rise to approximately 50.90 (TP2).
If it reaches TP2, the pattern is confirmed and you should enter a long position from here for a high probability trade. You could enter a long at or around TP1 if you want but there is no confirmation at this point and the risk is much higher. Use a stop but keep in mind the next point of major support is all the way down at 33.
Summary: Down and then up in the next 8 weeks
TP1: ~37.73
TP2: ~50.90
TP3: ~56.00
GLTA!
Looking at the Weekly chart, a potential inverted HS pattern could be on it's way. Don't be shocked if oil falls all the way to approximately 37.73 (TP1) over the next couple of weeks. If it finds support there or anywhere above there, then watch for a rise to approximately 50.90 (TP2).
If it reaches TP2, the pattern is confirmed and you should enter a long position from here for a high probability trade. You could enter a long at or around TP1 if you want but there is no confirmation at this point and the risk is much higher. Use a stop but keep in mind the next point of major support is all the way down at 33.
Summary: Down and then up in the next 8 weeks
TP1: ~37.73
TP2: ~50.90
TP3: ~56.00
GLTA!
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