OPEC meeting has ended without a deal..but the deal wasn't expected in the first place. Anyways, the hourly chart now shows US oil could be forming a head and shoulder formation with neckline support at $47.85.
- Its appearing at the top of the recent rally, Plus we also see Cypher Leg D in progress. Thus, sharp losses could be seen if prices dip below neckline level.
- Again, Bearish invalidation is seen only if prices see a day end closing above $50.18
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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.