Follow Up On Oil ChartPosted: June 23, 2013
After the breakout (which i bought & got stopped out at a small loss) oil formed a 4-day island reversal and pushed down back into the pattern. This is bearish news for the bulls. Further weakness will be indicated by a close below the right Inverse H&S signaling a Inv H&S failure. My recommendation is to stay away from Oil until it breaks 30.79 on USO ETF shown below.