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Thread: OIL Head & Shoulders

  1. #1
    Junior Member
    Join Date
    Sep 2009

    Default OIL Head & Shoulders

    OIL is about to continue its bearish trend and reverse even further, so say the 4-hour charts. First of all, we can see a unsymmetric Head & Shoulders pattern which is a strong reversal pattern - with neckline at 66$. Breakout of this level will signal the continuation of the downtrend.

    Trading: Traders would wait for price to close below 66$, or wait for price to pullback to this level - and enter Short trade. First target is 62$ (size of the latest trading range).

    Source of analysis:
    Support at Oil | Support and Resistance Trading

  2. #2
    Junior Member
    Join Date
    Sep 2009


    well if it goes more down then might be have some effect naturally on stocks also

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analysis, breakout, level, pattern, resistance, signal, stocks, support, trading, trend

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