Light Crude H&S / Three Mounds

Light Crude is moving up a channel right now. It is also evident that a head and shoulders / three hills bear formation might be here. Prognosticators speculate that oil will hit $80 this year. This would negate these two patterns. Keeping a watch on this pattern for now. It's slow move with large cross overs to each candle suggests no real interest in pushing this market drastically higher exists. At least for now. Market has crossed over the 20 day MA and stayed above suggesting higher moves for now. Caution should be taken.

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Light Crude falls downside target below 67. Watch for buying desire as today the market bought back.

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Light Crude this morning fell making last shoulder. Waiting to see if it breaks neckline for a further fall to 62.

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Pausing doji for light crude. We are expecting a break of neckline for Friday. Be causes of reversals.

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Light Crude now crossing neckline for H&S

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Light Crude crashes through neckline on its way to 62