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Oil Needs A Deeper Retrace

Published 10/08/2015, 11:34 AM
Updated 07/09/2023, 06:31 AM
CL
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Crude Oil's Dec. Future

Crude Oil Must Retrace to Orange & Pink Megaphone VWAP Before It Can Break Out Upwards – Would Usually Go for At Least Megaphone Bottoms

Oil’s got a potential inverse H&S on its 60-minute chart and it thinks it’s going to break out upwards (green scenario, unlikely).

But oil put in an illegal breakout from its pink megaphone and has formed an H&S at its top. The price must retrace to at least the orange and pink megaphone VWAPs before it can break out upwards, and it would almost always collapse from here to the megaphone bottoms for an ultimate breakout downwards.

Latest comments

oh yeah. definitely. Whatever you say trader moe! (rolling eyes...)
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