Follow Up On Oil Chart

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.

oil, wti, crude, uso

USO Daily

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3 Warning signs about Oil prices

Below is the daily chart of Oil traded with USO. Shows (1) 4months H&S bottom inside (2) a triangle.

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(3) this triangle is inside another larger one as shown on the weekly chart below. The upcoming trend up or down i really dont care will have a lot of momentum

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The Art Of Chart is Born

Hello & Welcome to my new blog

Simply put I will share trade setups and trading strategies through this blog. Mostly pure basic classical charting

Sometimes I may post stocks/ETF on my watch list

I abide by the following 1 simple rule:

-No pattern, No trade

I told you its simple !

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