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.
Reason:
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...
On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
The price is being consolidated between the Trend line (Yellow) and the support line (Green) , we can expect the price to break the trend line along with the immediate resistance line in next price swing ($ 60.68 )
a long position can be taken once the price breaks out of the Trend line and target and stop loss shall be as indicated in the chart
![UKOIL: [KISS] Short UKOIL - Target 62.50-63](https://s3.tradingview.com/0/0YqltLxt_mid.png "[KISS] Short UKOIL - Target 62.50-63")
