US OIL 1 Day & 4 HR - Head & Shoulder Bottom Secondary Breakout

13 Mar 2019

About a month ago we took a look at US Oil & identified a classic reversal pattern called a head & shoulders bottom. We predicted a breakout from this level, however, there was a previous level of structure slightly above the neckline that I thought would be tested first. After nearly a month of consolidation, we've finally violated that level which allows me to predict a continuation higher.

Two extension levels that I have on my radar are the $59.50's level which hosts both a 50% Fibonacci retracement & a 127.2 extension. And the $64 even handle where we have confluence between the 61.8 retracement & the 161.8 extensions.

Your Trading Coach - Akil