Trending lower since March 2022, the daily timeframe of WTI oil is in the process of chalking up what is referred to as a complex inverted head and shoulders pattern. We have yet to see a completion—a close above the neckline, taken from the high $83.32—but it is certainly something to be mindful of going forward.
You can also see a potential double bottom pattern forming through the two right shoulders with the neckline at around the $82.60 high (23 Jan 2023). However, this is not an ideal double bottom, as there is no clear down move preceding the formation.
You can also see a potential double bottom pattern forming through the two right shoulders with the neckline at around the $82.60 high (23 Jan 2023). However, this is not an ideal double bottom, as there is no clear down move preceding the formation.