A massive H&S that has been in the making since 2015 is forming in USOIL. It currently resides on the neckline and a break and close above could see a large move in the coming months especially if the output cut deal works. Resistances come in on the Fibs at 57.20 area (38.2% Fib), 66.85 (50% Fib) and 76.47 (61.8% Fib). The 61.8% coincides somewhat with the H&S theoretical projection which comes in at 77.50 area. Very long term
Trade active
USOIL broke above necklineNote
Note
ProTip: In order for a breakout to be confirmed, it must hold and build volume above the breakout levelNote
Buyers step in aggressively to defend the neckline. Careful as there is a gap which might be filled below 
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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.