WTIUSD Weekly Outlook
As we can see from the above chart, we are at a significant support level $51, this does also come after price formed a new higher body structure giving us the indication that price is essentially bull driven than bear driven.
Returning back to the support level, we can start to see an important chart pattern forming which is a head and shoulders pattern, this consists of 3 separate high structure and a neckline which is the support for buyers to get into the market in an attempt to “aid” price back into a high for the right shoulder!
Our left shoulder bodily resistance was formed at region $58.79 which is where I anticipate price to return to before a potentially large sell off into new yearly lows at $42.
Comment your thoughts on the analysis and write up above!