Crude Oil is trying to form an inverse H&S but the neckline at 54.70 is still holding up.
The area between 54.70 and 50.76 has been a range market previously (green box) and the price seem to be struggling now too.
However, as long as the price keeps making higher lows, the bullish sentiment still holds up. Only a break below 50.76 would change the outlook.
The Fib levels nicely align with natural support and resistance as well, not really adding anything to the analysis, but supporting the decision making process. 138 and 161 could be interesting upside targets if the price manages to break out higher.
The area between 54.70 and 50.76 has been a range market previously (green box) and the price seem to be struggling now too.
However, as long as the price keeps making higher lows, the bullish sentiment still holds up. Only a break below 50.76 would change the outlook.
The Fib levels nicely align with natural support and resistance as well, not really adding anything to the analysis, but supporting the decision making process. 138 and 161 could be interesting upside targets if the price manages to break out higher.
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> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog
Last week's close showed a breakout