There is a double bottom formation in the Crude oil weekly time frame , if the price closes above the entry point indicated in the chart we can take a long position with expected target indicated
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price gap between 54 and 51 is crucial.. reversal may happen and if double bottom rejects then strong bearish till 42.
keeping in mind Crude oil dropping from 60.70 and the previews H&S has been completed.
Crude oil 4h time frame. formed an H&S. price consolidating at right shoulder forming a bull flag pattern, wait for breakout to downside and put stop above right shoulder targeting 53.92, 51.85.
1. confluence is that price reached at 50% and 61% fib level from head to right shoulder impulsive extension.
2. confluencce 4h time frame RSI is at extrem...