scenarios.
1. we got an H&S and it's brokeout too
2. a pennant that looks like it broke out too.
3. there's a double top
4. there's a 50% fib level retracement
5. overall retail market views is bearish.
price 51.73 and 60.70 is an either side negotiable deal.
conclusion: views is bearish technical is bullish. waiting for a strong breakout to either side so...
On technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
T1: 55.29
T2: 53.62
T3: 52.93
T4: 51.73
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
As analysed earlier the target perfectly hit.
Next target mentioned in the chart... 51 Usd
As per below hourly time frame still crude is in down trend...
FXCM
