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Head & Shoulders Top Completed, USO/SPX
United States Oil Fund
Head & Shoulders Top Completed, USO/SPX
By dpuleo19
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Updated
Dec 28, 2022
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Dec 7, 2022
According to TA rules, the ratio has completed the pattern with a Complex Right Shoulder (two peaks).
Those these means that the
SPX
should breakout from that downward trendline? I don't know, but probably.
Or those it means that energy stocks should finally follow oil prices? Maybe, it is what normally had happend.
What I'm seeing is more stocks going up, even though some breakouts aren't working as smooth as it should.
Nontheless, I just follow price.
This ratio is just another indicator, let's wait and see what happens.
Dec 28, 2022
Note
The patter has been broken, looks like oil will continue outperforming the S&P 500
head_and_shoulder
Technical Indicators
Oil
ratios
SPX (S&P 500 Index)
TOP
Trend Analysis
dpuleo19
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Head & Shoulders top on USO/SPX?
by dpuleo19
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