- US oil looks to be forming within an Ascending Triangle pattern
- This pattern is known to be Bullish
- Forming at the bottom of the significant bear-trend may be extremely good news for Oil bulls as a reversal may be on the books
- The fact price tried to make a break lower thus invalidating the pattern and failed is more good news
- For price to confirm a bullish breakout/reversal we would need to see an advance past the horizontal resistance of the pattern @ ~ 57.4
- Once this level is broken we may see a retest of this level before the main move higher
- First target is old support @ ~ 59.26
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This pattern is known to be Bullish
- Forming at the bottom of the significant bear-trend may be extremely good news for Oil bulls as a reversal may be on the books
- The fact price tried to make a break lower thus invalidating the pattern and failed is more good news
- For price to confirm a bullish breakout/reversal we would need to see an advance past the horizontal resistance of the pattern @ ~ 57.4
- Once this level is broken we may see a retest of this level before the main move higher
- First target is old support @ ~ 59.26
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- HOWEVER if you look closely this may be forming the second shoulder of an inverse H+S formation
- First signposted "FALSE BREAK" below support being the "Head" of the pattern
- 56.56 level forming the two shoulders of the pattern with two pin-bar rejections at this level prior to the false break "head" of the pattern
- Will update the idea later on to show this