Crude Oil(WTI):- Failure of an Inverted Head and Shoulder Pattern

Crude Oil(WTI):- Failure of an Inverted Head and Shoulder Pattern

Ankit Nagpal
22 Jul 2019 06:20 PM
On 8th of July 2019, we had published a view on Oil - in which we had mentioned that the price action are in the process of forming an inverted Head and Shoulder Pattern on the daily chart. The pattern had formed well and had also gave a bullish breakout of neckline resistance at 59.00 mark. Post breakout, the prices rallied initially and after 2-3 days of consolidation at higher levels the prices falls back, which was a call for throwback of breakout zone. Prices turned back towards the support zone, the one which was a neckline resistance earlier, the bears were too aggressive that they turned back that support in resistance

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