Oil Sell Idea

W 1- Inverted head and shoulder pattern completed, we may now expect the price to recreate this pattern. Neckline of this pattern also acts as a downtrend line. In short term we may now expect correction, retest and move up again.

D1 - Special cycle completed, bearish divergence formed. We may now expect the price to reach the 38.2% and 50% retrace of this special cycle. This zone also coincides with the weekly downtrend line .

H4 - Bearish divergence, if the price breaks below 61.07 it will open the door for the bears.