USOIL IHS Pattern finished?
Updated
Morning everyone,
So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the 558.00/BBL area. As I've stated before, oil does need to reach 660/BBL for global "happiness" on oil prices. Presidents Trump's comments to OPEC last week, stating oil was still to high, caused oil to take a hard hit last week.
Monday, we saw about a 3% loss, regained some strength during the week, and then took another roughly 2% hit on Friday.
For this week, oil can go either way.
If you are doing a Binary trade, I would suggest either going above/below Friday's closing price of 55.80/bbl. On Nadex, this would be your weekly contract. They currently set it to 55.75/bbl.
Happy Trading!
Zak
So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the 558.00/BBL area. As I've stated before, oil does need to reach 660/BBL for global "happiness" on oil prices. Presidents Trump's comments to OPEC last week, stating oil was still to high, caused oil to take a hard hit last week.
Monday, we saw about a 3% loss, regained some strength during the week, and then took another roughly 2% hit on Friday.
For this week, oil can go either way.
If you are doing a Binary trade, I would suggest either going above/below Friday's closing price of 55.80/bbl. On Nadex, this would be your weekly contract. They currently set it to 55.75/bbl.
Happy Trading!
Zak
Trade active
Now would be a good time to buy the OTM Binary options (weekly) if you are going short or long for the week.Trade active
The OTM Binary Options, if purchased 2 hours ago, are now in the green. They are not ITM as of yet, but you can still sell for a nice profit.Trade closed: target reached
50% ROI reached, trade closed
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.