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.
Below is the daily chart of Oil traded with USO. Shows (1) 4months H&S bottom inside (2) a triangle.
(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
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 !
Feel free to Like, Comment and Share the blog