As shown in the figure, crude breaks from the rising channel and there is a H&S breakdown in the 4 hour chart. A head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end. As per the pattern, expected target is at support 1 at 51.52 and 4 hour closing above 53.38 will negate this pattern.
Indicator View: There are multiple swing failures in RSI and there is a channel breakdown is also there which is negative for the prices.
