WTI Oil - Inverted Head and Shoulder Breakout
Oil have breakout from inverted head and shoulder neckline 56 with a day candle closed higher that confirmed the pattern has formed. The historical statistics said target of inverted H&S will be achieved 74% by Thomas Bulkwoski.
Following price level for trader to take note:
If price stay above 56, target 59.63 (potential correction at this price level)
Price trade above 59.70, target 624.8 to 63.71 (major impulsive wave target by Fibonacci)
Price trade above 63.80, target formation target 68.
Following price level for trader to take note:
If price stay above 56, target 59.63 (potential correction at this price level)
Price trade above 59.70, target 624.8 to 63.71 (major impulsive wave target by Fibonacci)
Price trade above 63.80, target formation target 68.
Trade closed: target reached
Oil went beyond 59.63, trader please follow next target between 62.48 to 63.71.Note
Oil hit Fibonacci resistance 62.48 to 63.71 and unable to travel higher. As mentioned in Feb comment, this resistance level were significant with confluence fibonacci projection. While oil making lower low, the market correction may likely to continue.
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