UKOIL🛢️ macro moves

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Brent Crude Oil: Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be great buying opportunity. Price shouldn't get much below right shoulder (65.8), otherwise the setup would be invalidated. Will set SL to 60, Target 157.

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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.

注释

As per expectations price dropped into the S/R zone 76-68. It just kissed the upper edge, bounced up and now sitting right below the neckline resistance @ 87. I still think we could dip a bit lower to around 71 before the big move to the target @ 157 begins. Local downtrendline remaining intact = bears being still around.

注释

Check the sharp rejection from the Neckline resistance. This formation of 3 last bars indicating that the bears are in charge big time, new lows to be expected. Dipping deeper into the 76-68 zone most likely.